<SEC-DOCUMENT>0000885978-19-000025.txt : 20190808
<SEC-HEADER>0000885978-19-000025.hdr.sgml : 20190808
<ACCEPTANCE-DATETIME>20190808091725
ACCESSION NUMBER:		0000885978-19-000025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20190808
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190808
DATE AS OF CHANGE:		20190808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			U S PHYSICAL THERAPY INC /NV
		CENTRAL INDEX KEY:			0000885978
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-HEALTH SERVICES [8000]
		IRS NUMBER:				760364866
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11151
		FILM NUMBER:		191007740

	BUSINESS ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
		BUSINESS PHONE:		7132977000

	MAIL ADDRESS:	
		STREET 1:		1300 WEST SAM HOUSTON PARKWAY
		STREET 2:		SUITE 300
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77043
</SEC-HEADER>
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<TYPE>8-K
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    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">WASHINGTON, DC 20549</div>
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    <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">FORM 8-K</div>
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    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">CURRENT REPORT</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Section&#160;13 or 15(d)</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">of the Securities Exchange Act of 1934</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">Date of Report (Date of earliest event reported): August 8, 2019</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-TOP: 12pt">Registrant's telephone number, including area code: (713)&#160;297-7000</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">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 (
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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                <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
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                    company&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#9744;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="COLOR: #000000; BACKGROUND-COLOR: #ffffff"></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
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                  <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-RIGHT: 0.8pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
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        <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; MARGIN-TOP: 0.75pt"> <br>
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      99.1<br>
      <font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="TEXT-ALIGN: left">CONTACT:</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">U.S. Physical Therapy, Inc.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Larry McAfee, Chief Financial Officer</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Chris Reading, Chief Executive Officer</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">(713) 297-7000</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Three Part Advisors</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">Joe Noyons</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">(817) 778-8424<font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 9pt; DISPLAY: inline-block">&#160;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE:
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    <div style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">U.S. Physical Therapy Reports Record Second Quarter&#160; <br>
    </div>
    <div style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">&#160;And Six Months Results<br>
    </div>
    <div style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> <br>
    </div>
    <div style="FONT-SIZE: 20pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"><font style="font-size: 16pt;">Management Again Raises Earnings Guidance</font><br>
      &#160; <br>
    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Houston, TX, August 8, 2019&#160;&#160;</font> &#8211; U.S. Physical Therapy, Inc. ("USPH"
      or the &#8220;Company&#8221;) (NYSE: USPH), a national operator of outpatient physical therapy clinics, today reported results for the second quarter and six months ended June 30, 2019.</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">For the second quarter ended June 30, 2019, USPH&#8217;s Operating Results (as defined below) increased 11.7% to $10.3 million, or $0.81 per diluted share, as
      compared to $9.2 million, or $0.73 per diluted share, in the second quarter of 2018. For the six months ended June 30, 2019, USPH&#8217;s Operating Results increased 14.7% to $18.8 million, or $1.47 per diluted share, as compared to $16.4 million, or $1.29
      per diluted share, in the first six months of 2018. Operating Results per share, a non-GAAP measure, equals net income attributable to USPH shareholders per the consolidated statements of net income, and excludes the impact of the gain on the sale of
      a partnership interest and the revaluation of redeemable non-controlling interest, net of tax, to calculate earnings per share. On June 30, 2019, the Company sold its 50% interest in one physical therapy partnership to the group&#8217;s founders for $11.6
      million and recognized a pre-tax gain of $5.8 million on the sale.<br>
    </div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
    <font style="font-size: 12pt; font-family: &quot;Times New Roman&quot;;">For the second quarter ended June 30, 2019, USPH&#8217;s net income attributable to its shareholders was $14.6 million, inclusive of the gain on the sale of the partnership interest, as
      compared to $9.2 million in the second quarter of 2018. Inclusive of the charge for revaluation of non-controlling interest, net of tax, used to compute diluted earnings per share, in accordance with Generally Accepted Accounting Principles (&#8220;GAAP&#8221;),
      in the recent quarter, the amount is $10.8 million, or $0.85 per share, as compared to $6.0 million, or $0.48 per share for the second quarter of 2018.&#160; For the six months ended June 30, 2019, USPH&#8217;s net income attributable to its shareholders, in
      accordance with GAAP, was $23.1 million as compared to $16.4 million for the comparable period of 2018. Inclusive of the charge for revaluation of non-controlling interest, net of tax, used to compute diluted earnings per share, in accordance with
      GAAP, in the recent six months, the amount is $15.8 million, or $1.24 per share, as compared to $9.4 million, or $0.74 per share for the second quarter of 2018.&#160; In accordance with current accounting guidance, the revaluation of redeemable
      non-controlling interest, net of tax, is not included in net income but charged directly to retained earnings and is included in the earnings per basic and diluted share calculation.&#160; See the schedule on page 8 for the computation of diluted earnings
      per share.</font>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify"><u>Second Quarter 2019 Compared to Second Quarter 2018</u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify"><u> <br>
      </u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zf06123b1a04444c49d3abb55b5f98a5f" class="DSPFListTable">

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                <div style="text-align: left; margin-left: 18pt; color: #000000; font-family: Symbol, serif; font-size: 12pt;">&#183;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Net revenues increased $11.3 million, or 9.8%, from $115.1 million in the second quarter of 2018, to $126.4 million in
                    the second quarter of 2019, due to an increase in net patient revenues from physical therapy operations, internal growth, new clinic development and acquisitions, and an increase in the revenue from the industrial injury prevention
                    business, due to internal growth and an acquisition.</font></div>
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      <u></u> </div>
    <div style="MARGIN-BOTTOM: 3pt; TEXT-ALIGN: justify; MARGIN-TOP: 3pt"> </div>
    &#160;
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                <div style="text-align: left; margin-left: 18pt; color: #000000; font-family: Symbol, serif; font-size: 12pt;">&#183;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Net patient revenues from physical therapy operations increased approximately $7.4 million, or 7.0%, to $113.4 million
                    in the second quarter of 2019 from $106.0 million in the second quarter of 2018 due to an increase in total patient visits of 6.0% from 998,000 to 1,058,000 and an increase in the average net patient revenue per visit to $107.16 from
                    $106.16. Of the $7.4 million increase in net patient revenues, $4.6 million related to an increase in business of clinics opened or acquired prior to July 1, 2018 (&#8220;Mature Clinics&#8221;) and $2.8 million related to clinics opened or acquired
                    after June 30, 2018 (&#8220;New Clinics&#8221;). Revenue from physical therapy management contracts was $2.2 million for both the second quarter of 2019 and the 2018 comparable period.</font></div>
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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Revenue from the industrial injury prevention business increased 64.0% to $10.3 million in the second quarter of 2019
                    compared to $6.3 million in the second quarter 2018 due to internal growth and an acquisition in April 2019.&#160; Other miscellaneous revenue was $0.5 million in the second quarter of 2019 and $0.7 million in the second quarter of 2018.</font></div>
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      <div style="margin-bottom: 10pt;"><br>
      </div>
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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Total operating costs were $95.0 million, or 75.1% of net revenues, in the second quarter of 2019 as compared to $88.0
                    million, or 76.4% of net revenues, in the second quarter of 2018. The $7.0 million increase was attributable to $2.6 million in operating costs related to New Clinics, an increase of $1.9 million related to Mature Clinics and an
                    increase of $2.5 million related to the industrial injury prevention business including a recent acquisition. Total salaries and related costs, including physical therapy operations and the industrial injury prevention business, were
                    55.9% of net revenues in the recent quarter versus 56.1%&#160;in the second quarter of 2018. Rent, supplies, contract labor and other costs as a percentage of net revenues were 18.2% in the second quarter of 2019 versus 19.3% in the second
                    quarter of 2018. The provision for doubtful accounts as a percentage of net revenue was 1.0% for both periods.</font></div>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z09b99e04d8ca496487c5a2126be1cca0" class="DSPFListTable">

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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">The gross profit for the second quarter of 2019 grew by 15.7%, or $4.3 million, to $31.4 million, as compared to $27.1
                    million in the second quarter of 2018. The gross profit percentage increased by 130 basis points to 24.9% of net revenue in the recent period as compared to 23.6% in the 2018 second quarter. The gross profit percentage for the Company&#8217;s
                    physical therapy clinics increased by 100 basis points to 24.7% in the recent quarter as compared to 23.7% in the second quarter of 2018. The gross profit percentage on physical therapy management contracts declined by 90 basis points
                    to 15.4% in the 2019 second quarter as compared to 16.3% in the 2018 second quarter. The gross profit percentage for the industrial injury prevention business increased by 480 basis points to 29.2% in the recent quarter as compared to
                    24.4% in the 2018 period.</font></div>
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                <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">U.S. Physical Therapy Press Release&#160;&#160;&#160;</div>
              </td>
              <td style="WIDTH: 31.33%; VERTICAL-ALIGN: middle">
                <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 2<br>
                </div>
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                <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">August 8, 2019</div>
              </td>
              <td style="WIDTH: 31.33%; VERTICAL-ALIGN: middle">
                <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</div>
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      </div>
      <div><br>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zb50e7551854e42f594fb396cc03dab4d" class="DSPFListTable">

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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Corporate office costs were $11.5 million in the second quarter of 2019 compared to $10.1 million in the second quarter
                    of 2018. Corporate office costs were 9.1% of net revenues for the second quarter of 2019 quarter as compared to 8.8% for the second quarter of 2018.</font></div>
              </td>
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      </div>
      <div><br>
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        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zcb1d50d0d8eb4c1085052baab573dafc" class="DSPFListTable">

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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Operating income for the second quarter of 2019 increased 16.9% to $19.9 million as compared to $17.0 million in the
                    second quarter of 2018. Operating income as a percentage of net revenue increased by 90 basis points from 14.8% in the 2018 period to 15.7% in the recent quarter.</font></div>
              </td>
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        </table>
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      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z0d795e018ca7491b849a6c5311327c4b" class="DSPFListTable">

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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">The gain of $5.8 million in the second quarter of 2019 resulted from a sale of partnership interest. As previously
                    disclosed, on June 30, 2019, the Company sold its 50% interest in one physical therapy partnership to the group&#8217;s founders.&#160; The sales proceeds, all of which is cash, was $11.6 million, which is included in the consolidated balance
                    sheet in the line item &#8211; Receivable, net &#8211; sale and purchase of partnership interest.&#160; The $2.2 million dollar offset relates to the Company&#8217;s purchase of interest from the group&#8217;s founders in three other partnerships which did not
                    yield any gain or loss in the Company&#8217;s consolidated statements of net income.&#160; The net amount was collected in full on July 1, 2019.</font></div>
              </td>
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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Interest expense was $0.6 million in the second quarter of 2019 and $0.5 million in second quarter of 2018 due to higher
                    average borrowings under the Company&#8217;s revolving credit line.</font></div>
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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;"><font style="font-family: Symbol, serif; font-size: 10pt;">&#183;</font></font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">The provision for income tax for the second quarter of 2019 was $5.3 million and $3.3 million in the 2018 second
                    quarter. The provision for income tax as a percentage of income before taxes less net income attributable to non-controlling interest was 26.7% for the second quarter of 2019 and 26.1% for the second quarter of 2018.</font></div>
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                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Net income attributable to non-controlling interests (permanent equity) was $1.8 million in the second quarter of 2019
                    and $1.4 million in the second quarter of 2018.&#160; Net income attributable to redeemable non-controlling interests (temporary equity) was $3.4 million in the second quarter of 2019 and $2.6 million in the 2018 second quarter.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z0321486f3cc24482812da824be44440a" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Same store revenues for de novo and acquired clinics open for one year or more increased 5.4% in the most recent
                    quarter. Visits increased 4.6% for de novo and acquired clinics open for one year or more while the same store net rate increased 0.8%.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: left; margin-right: 18pt;"><font style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold; color: #000000;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>First Six Months 2019
              Compared to First Six Months 2018</u></font></font></div>
      <div style="text-align: justify; margin-right: 18pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">&#160;</font></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z6ea8288036ac4637a4b2618050638b1a" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Net revenues increased $19.2 million, or 8.6%, from $223.4 million in the first six months of 2018, to $242.6 million in
                    the first half of 2019, primarily due to an increase in net patient revenues from physical therapy operations, due to internal growth, new clinic development and an acquisition, and an increase in the revenue from the industrial injury
                    prevention business, due to internal growth and acquisitions. The first six months of 2019 had 127 business days versus 128 in the first six months of 2018.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zdbc2f63bb4bc43dd938a235f3fe56ded" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Net patient revenues from physical therapy operations increased approximately $13.5 million, or 6.5%, to $220.0 million
                    in the first six months of 2019 from $206.5 million in the first six months of 2018 due to an increase in total patient visits of 5.4% from 1,955,000 to 2,059,000 and an increase in the average net patient revenue per visit to $106.83
                    from $105.67. Of the $13.5 million increase in net patient revenues, $8.4 million related to an increase in business of clinics opened or acquired prior to July 1, 2018 (&#8220;Mature Clinics&#8221;) and $5.1 million related to clinics opened or
                    acquired after June 30, 2018 (&#8220;New Clinics&#8221;). Revenue from physical therapy management contracts was $4.4 million for both the first six months of 2019 and the 2018 comparable period.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zc8b6f1ecadba418899a993e48f904851" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Revenue from the industrial injury prevention business increased 54.5% to $17.2 million in the first six months of 2019
                    compared to $11.1 million in the first six months of 2018 due to internal growth and recent acquisitions.&#160; Other miscellaneous revenue was $1.1 million in the first six months of 2019 and $1.4 million in the first six months of 2018.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="margin-bottom: 10pt;"><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z55cb2a490fa346d187107a36dc464dac" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Total operating costs were $184.5 million, or 76.0% of net revenues, in the first six months of 2019 as compared to
                    $173.1 million, or 77.5% of net revenues, in the first six months of 2018. The $11.4 million increase was attributable to $2.7 million in operating costs related to Mature Clinics, an increase of $4.7 million related to New Clinics, an
                    increase of $4.1 million related to the industrial injury prevention business and a reduction in management contracts costs of $0.1 million. Total salaries and related costs, including physical therapy operations and the industrial
                    injury prevention business, were 56.4% of net revenues in the recent quarter versus 56.8%&#160;in the first six months of 2018. Rent, supplies, contract labor and other costs as a percentage of net revenues were 18.6% in the first six months
                    of 2019 versus 19.7% in the first six months of 2018. The provision for doubtful accounts as a percentage of net revenue was 1.0% for both periods.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zb24ffb6186c04ba896446dd7b6e580da" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">The gross profit for the first six months of 2019 grew by 15.4% or $7.8 million to $58.1 million, as compared to $50.4
                    million in the first half of 2018. The gross profit percentage increased by 150 basis points to 24.0% of net revenue in the recent period as compared to 22.5% in the first six months of 2018. The gross profit percentage for the
                    Company&#8217;s physical therapy clinics increased by 110 basis points to 23.9% in the recent period as compared to 22.8% in the first six months of 2018. The gross profit percentage on physical therapy management contracts increased by 180
                    basis points to 16.9% in the 2019 first six months as compared to 15.1% in the 2018 first six months. The gross profit percentage for the industrial injury prevention business increased by 580 basis points to 26.4% in the 2019 first six
                    months as compared to 20.6% in the 2018 first six months.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zad028719965143e59b0003734b086b10" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Corporate office costs were $22.8 million in the first six months of 2019 compared to $20.3 million in the first six
                    months of 2018. Corporate office costs were 9.4% of net revenues for the first six months of 2019 quarter as compared to 9.1% for the first six months of 2018.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="ze1d023916cad4afb8ab2701f16756c97" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Operating income for the first six months of 2019 increased 17.4% to $35.3 million as compared to $30.1 million in the
                    first six months of 2018. Operating income as a percentage of net revenue increased by 110 basis points from 13.5% in the 2018 period to 14.6% in the first six months of 2019.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z4d806fececd5418ead432f96337de3a2" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">The gain of $5.8 million in the second quarter of 2019 resulted from a sale of partnership interest. See discussion
                    above.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z8ad364496d7546e5812ea6d1b7457e72" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Interest expense was $1.0 million in the first six months of 2019 and $1.1 million in first six months of 2018.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="zd9f8170c32ba47479cba688ac2a719d6" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;"><font style="font-family: Symbol, serif; font-size: 10pt;">&#183;</font></font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">The provision for income tax for the first six months of 2019 was $8.0 million and $5.7 million in the first six months
                    of 2018. The provision for income tax as a percentage of income before taxes less net income attributable to non-controlling interest was 25.8% for the first six months of 2019 and 26.0% for the first six months of 2018.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z4c4d69bdd30d401999245266b67a1aa0" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Net income attributable to non-controlling interests (permanent equity) was $3.3 million in the first six months of 2019
                    and $2.6 million in the first six months of 2018.&#160; Net income attributable to redeemable non-controlling interests (temporary equity) was $5.8 million in the first six months of 2019 and $4.3 million in the first six months of 2018.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;" id="z915daf8d168f47eca0cbb13056bbd996" class="DSPFListTable">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Same store revenues for de novo and acquired clinics open for one year or more increased 5.2% in the first half of 2019.
                    Visits increased 4.3% for de novo and acquired clinics open for one year or more while the same store net rate increased 0.9%.</font></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za8ab718ab4c14d74a7c55582f376d8f3" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%">

          <tr style="HEIGHT: 17px">
            <td style="FONT-SIZE: 12pt; FONT-FAMILY: Symbol; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right"><br>
            </td>
            <td style="FONT-SIZE: 12pt; FONT-FAMILY: Symbol; WIDTH: 18pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right"><br>
            </td>
            <td style="FONT-SIZE: 12pt; WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify"><br>
            </td>
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      </table>
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    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt">&#160;<br>
    </div>
    <br>
    <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
      <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
    </div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zfc90b85482e4406b9549e3682534822e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse">

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          <td style="WIDTH: 68.67%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">U.S. Physical Therapy Press Release&#160;&#160;&#160;</div>
          </td>
          <td style="WIDTH: 31.33%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 3</div>
          </td>
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          <td style="WIDTH: 68.67%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">August 8, 2019</div>
          </td>
          <td style="WIDTH: 31.33%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</div>
          </td>
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    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><u>Other Financial Measures</u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">For the second quarter of 2019, the Company's Adjusted EBITDA increased by 12.2% to $19.1 million from $17.0 million in the comparable 2018 quarter and as
      a percentage of net revenue increased by 30 basis points from 14.8% to 15.1%. For the first six months of 2019, the Company's Adjusted EBITDA increased by 12.1% to $34.7 million from $31.0 million in the comparable 2018 period and as a percentage of
      net revenue increased by 40 basis points from 13.9% to 14.3%. See definition and explanation of Adjusted EBITDA in the schedule on page 8. <br>
    </div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;&#160; </div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left"><u>Management Raises 2019 Earnings Guidance</u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">U.S. Physical Therapy&#8217;s management is raising 2019 earnings guidance from Operating Results, a
      non-GAAP measure, to the range of $36.6 million to $37.9 million or $2.87 to $2.97 per share. On March 7th, the Company issued initial 2019 earnings guidance in the range of $35.1 million to $36.4 million or $2.76 to $2.85 per share. On April 11th,
      in conjunction with an acquisition, the Company raised guidance to the range of $35.9 million to $37.3 million or $2.82 to $2.92 per share. All three earnings ranges are based on an assumed annual corporate tax rate of approximately 26.5%.&#160; Please
      note that the Company&#8217;s earnings guidance represents projected Operating Results from existing operations but excludes future acquisitions. The annual guidance figures may not be updated unless there is a material development that causes management
      to believe that Operating Results will be significantly outside the given range. <br>
    </div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">
      <div style="text-align: left;"><font style="font-weight: bold; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>Management&#8217;s Comments</u></font></div>
      <div style="text-align: left;"><font style="font-weight: bold; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><u> <br>
          </u></font></div>
    </div>
    <font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;">Chris Reading, Chief Executive Officer, said, &#8220;I want to thank our entire team for the work they have put in this year resulting in our highest earnings quarter in our Company&#8217;s
      history. We continue to make improvements in all aspects of our business. Notably same store revenue growth has been excellent this year and we have achieved meaningful improvement in our physical therapy and industrial injury prevention margins. As
      a group, our top partnerships have continued their excellent performance which is built upon a foundation of great care, service and communication. I remain highly grateful to work with so many gifted people who strive every day to make a difference
      in the lives of those we serve.&#8221;</font></div>
  <div id="TRGRSegment:5b3d8856-5886-49f3-ae02-8d846e08b9c8"><font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;"> <br>
    </font></div>
  <div id="TRGRSegment:5b3d8856-5886-49f3-ae02-8d846e08b9c8"><font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;">Larry McAfee, Chief Financial Officer, noted, &#8220;Revenue from the industrial injury business plus physical therapy revenue
      for workers comp patients increased by approximately 28% to $27.4 million in the second quarter of 2019 as compared to $21.5 million in the same quarter in 2018.&#8221;<br>
    </font></div>
  <div id="TRGRSegment:5b3d8856-5886-49f3-ae02-8d846e08b9c8"> <br>
  </div>
  <div id="TRGRSegment:5b3d8856-5886-49f3-ae02-8d846e08b9c8"> <br>
  </div>
  <div id="TRGRSegment:5b3d8856-5886-49f3-ae02-8d846e08b9c8"><font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;"></font><font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;"></font>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left"><u><font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;"> </font><br>
      </u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left"><u>U.S. Physical Therapy Declares Quarterly Dividend</u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">The third quarterly dividend for 2019 of $0.30 per share will be paid on September 13, 2019 to
      shareholders of record as of August 15, 2019.&#160; On July 1, 2019 the Company announced that it planned to increase the quarterly dividend for the remainder of 2019 from $0.27 in the first and second quarters to $0.30 in the third and fourth quarters.
      The $.30 third quarter dividend represents a 30% increase from $.23 per share paid in the third quarter of 2018. U.S. Physical Therapy began paying quarterly dividends in 2011 and has increased the dividend amount every year since.</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left"><u>Operating Leases &#8211; Right-to-Use Assets and Lease Liability</u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">The Company implemented the new lease accounting standard beginning January 1, 2019. On June
      30, 2019, the adoption resulted in $74.9 million of right-to-use assets and $79.3 million of operating lease liabilities, of which $24.1 million was classified as a current liability, in the consolidated balance sheet. For a detailed discussion of
      the new lease accounting standard refer to the Company&#8217;s Annual Report on Form 10-K filed with the SEC on March 18, 2019.</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left"><u>Second Quarter 2019 Conference Call</u></div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;">&#160;<font style="font-weight: normal;">U.S. Physical Therapy's Management will host a conference call at 10:30 a.m. Eastern Time, 9:30 a.m. Central Time, on August 8, 2019 to discuss
        the Company's Quarter and Six Months Ended June 30, 2019 results. Interested parties may participate in the call by dialing 1-888-335-5539 or 973-582-2857 and entering reservation number 6297501 approximately 10 minutes before the call is scheduled
        to begin. To listen to the live call via web-cast, go to the Company's website at www.usph.com at least 15 minutes early to register, download and install any necessary audio software. The conference call will be archived and can be accessed until
        November 8, 2019 at U.S. Physical Therapy&#8217;s website.</font> <br>
    </font>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left"> </div>
    <font style="font-family: &quot;Times New Roman&quot;; font-size: 12pt;"> </font>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160; <br>
    </div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
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    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left"> <br>
    </div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">&#160; <br>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">U.S. Physical Therapy Press Release&#160;&#160;&#160;</div>
          </td>
          <td style="WIDTH: 31.33%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 4<br>
            </div>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">August 8, 2019</div>
          </td>
          <td style="WIDTH: 31.33%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</div>
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    <div>&#160;</div>
    <div><br>
      &#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left"><u>Forward-Looking Statements</u></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of
      1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as
      &#8220;believes&#8221;, &#8220;expects&#8221;, &#8220;intends&#8221;, &#8220;plans&#8221;, &#8220;appear&#8221;, &#8220;should&#8221; and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new
      clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements
      as a result of certain risks, uncertainties, and factors, which include, but are not limited to:</div>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>
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                  <div style="text-align: left; margin-left: 18pt; color: #000000; font-family: Symbol, serif; font-size: 12pt;">&#183;</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">changes as the result of government enacted national healthcare reform;</font></div>
                </td>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
                </td>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare
                      certification status;</font></div>
                </td>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
                </td>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">business and regulatory conditions including federal and state regulations;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">governmental and other third party payor inspections, reviews, investigations and audits;</font></div>
                </td>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient
                      information, and associated fines and penalties for failure to comply;</font></div>
                </td>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
                </td>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">changes in reimbursement rates or payment methods from third party payors including government agencies and
                      deductibles and co-pays owed by patients;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">revenue and earnings expectations;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">legal actions, which could subject us to increased operating costs and uninsured liabilities;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">general economic conditions;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">availability and cost of qualified physical therapists;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">personnel productivity and retaining key personnel;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain
                      clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">acquisitions, purchase of non-controlling interests (minority interests) and the successful integration of the
                      operations of the acquired businesses;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
                </td>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">maintaining our information technology systems with adequate safeguards to protect against cyber-attacks;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">availability, terms, and use of capital; and</font></div>
                </td>
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                  <div style="text-align: left; margin-left: 18pt;"><font style="font-family: Symbol, serif; font-size: 12pt; color: #000000;">&#183;</font></div>
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                  <div style="text-align: justify;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">weather and other seasonal factors.</font></div>
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        <div><br>
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        <div style="text-align: left; margin-bottom: 8pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our
            forward-looking statements. Please see our periodic reports filed with the Securities and Exchange Commission for more information on these factors. Our forward-looking statements represent our estimates and assumptions only as of the date of
            this press release. Except as required by law, we are under no obligation to update any forward-looking statement, regardless of the reason the statement is no longer accurate.</font></div>
        <div style="text-align: justify; margin-right: 18pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold; color: #000000;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt;"><u>About U.S.
                Physical Therapy, Inc.</u></font></font></div>
        <div style="text-align: justify; margin-right: 18pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">&#160;</font></div>
        <div style="text-align: justify; margin-right: 18pt; margin-bottom: 8pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">Founded in 1990, U.S. Physical Therapy, Inc. operates 564 outpatient physical therapy
            clinics in 41 states. The Company's clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured
            workers. In addition to owning and operating clinics, the Company manages 26 physical therapy facilities for unaffiliated third parties, including hospitals and physician groups. The Company also has an industrial injury prevention business
            which provides onsite services for clients&#8217; employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments.<font style="font-family:
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        <div style="text-align: justify; margin-right: 18pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;">More information about U.S. Physical Therapy, Inc. is available at <font style="font-family: 'Times New
              Roman', serif; font-size: 12pt;"><u>www.usph.com</u></font>. The information included on that website is not incorporated into this press release.</font></div>
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    <br>
    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>
    <div><br>
    </div>
    <br>
    <table cellspacing="0" cellpadding="0" id="z49dae5ae3b144c8f8459e71b718fd155" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse">

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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">U.S. Physical Therapy Press Release&#160;&#160;&#160;</div>
          </td>
          <td style="WIDTH: 31.33%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 5</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 68.67%; VERTICAL-ALIGN: middle">
            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">August 8, 2019</div>
          </td>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</div>
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    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">CONSOLIDATED STATEMENTS OF NET INCOME</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">(IN THOUSANDS, EXCEPT PER SHARE DATA)</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center"> (unaudited)</div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
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          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">113,363</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">105,989</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">220,013</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">206,541</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Other revenues</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">13,010</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">9,109</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">22,591</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">16,899</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Net revenues</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">126,373</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">115,098</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">242,604</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">64,607</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Provision for doubtful accounts</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1,240</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1,151</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">2,446</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">
            <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Closure costs</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">13</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">18</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">9</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">30</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Total operating costs</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">94,948</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">87,944</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">184,461</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">173,072</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Gross profit</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">31,425</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">27,154</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">58,143</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">50,368</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Corporate office costs</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">11,527</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">10,128</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">22,820</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">20,291</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
            <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Operating income</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">19,898</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Income before taxes</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">16,503</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">29,033</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Provision for income taxes</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">5,743</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Net income</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">13,236</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">32,175</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">23,290</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Less: net income attributable to non-controlling interests:</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
            <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Non-controlling interests - permanent equity</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(1,802</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(1,380</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(3,339</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(2,581</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px; background-color: #CCEEFF;">
            <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Redeemable non-controlling interests - temporary equity</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(3,378</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(2,610</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(5,773</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(4,346</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 52%; padding-bottom: 2px; background-color: #FFFFFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(5,180</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(3,990</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(9,112</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(6,927</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Net income attributable to USPH shareholders</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">14,620</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">9,246</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">23,063</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">16,363</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 4px; background-color: #FFFFFF;">
            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Basic and diluted earnings per share attributable to USPH shareholders</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">0.85</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">0.48</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1.24</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">0.74</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Shares used in computation - basic and diluted</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">12,767</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">12,677</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">12,738</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">12,647</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Dividends declared per common share</font></div>
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          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">0.27</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">0.23</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">0.54</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #FFFFFF;" colspan="1">
            <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">0.46</font></div>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
          <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">U.S. Physical Therapy Press Release&#160;&#160;&#160;</div>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 6</div>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">August 8, 2019</div>
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      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</div>
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                <div style="text-align: center; color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt;"> June 30, 2019</div>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">34,859</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">23,368</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">44,751</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">10,724</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">6,742</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">9,401</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">7,102</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">4,353</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Total current assets</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">107,009</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">79,214</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">52,611</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 30pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Leasehold improvements</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">31,020</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">31,712</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">83,851</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Operating lease right-of-use assets</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Goodwill</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">303,549</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">293,525</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">50,055</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">48,828</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Other assets</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1,445</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1,430</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 140pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Total assets</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">557,010</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">443,166</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS, USPH SHAREHOLDERS&#8217; EQUITY AND NON-CONTROLLING INTERESTS</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Current liabilities:</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 30pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Accounts payable - trade</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">2,426</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">2,019</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: 30pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Accrued expenses</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">31,346</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">38,493</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 30pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Current portion of operating lease liabilities</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">22,558</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: 30pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Current portion of notes payable</font></div>
              </td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">690</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1,434</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            </tr>
            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
                <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Total current liabilities</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <tr>
              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">2,159</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">56,711</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">566</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">829</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">92,348</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">133,366</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">133,943</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">U.S. Physical Therapy, Inc. ("USPH") shareholders&#8217; equity:</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">149</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">149</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">84,125</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">80,028</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
                <div style="text-align: left; text-indent: 10pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Retained earnings</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">176,610</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #CCEEFF;">
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1,491</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">930</font></div>
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              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">230,747</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">216,875</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">557,010</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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                <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">443,166</font></div>
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              <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: #FFFFFF;">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
              <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 7</div>
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            <div style="MARGIN-BOTTOM: 8pt; FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">August 8, 2019</div>
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        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">
          <div style="text-align: left; color: #000000; font-family: 'Times New Roman', serif; font-size: 10pt;">&#160;</div>
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        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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        </td>
        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
          <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; color: #000000;">June 30, 2018</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; color: #000000;">OPERATING ACTIVITIES</font></div>
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        <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">32,175</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">23,290</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">4,958</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">4,866</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Provision for doubtful accounts</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">2,446</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">2,212</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(2,141</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Increase in accounts receivable - other</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(2,468</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Increase in other assets</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(2,759</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(140</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(Decrease) increase in accounts payable and accrued expenses</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(4,780</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">4,845</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 70pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Decrease in other liabilities</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(701</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(672</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Net cash provided by operating activities</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">28,621</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">30,621</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">&#160;</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Purchase of fixed assets</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(4,876</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(3,270</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Purchase of business</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">&#160;</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(6,735</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Cash dividends paid to shareholders</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(5,828</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Proceeds from revolving line of credit</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">80,000</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">55,000</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Payments on revolving line of credit</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(56,000</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(53,000</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Payments to settle mandatorily redeemable non-controlling interests</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(265</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Principal payments on notes payable</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(1,057</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(1,898</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(7</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">)</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">(48</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">&#160;</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Net increase in cash and cash equivalents</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">5,215</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Cash and cash equivalents - beginning of period</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">23,368</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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        <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Cash and cash equivalents - end of period</font></div>
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">34,859</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">27,148</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">&#160;</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; font-weight: bold; color: #000000;">SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Cash paid during the period for:</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Income taxes</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">4,339</font></div>
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        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">7,483</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Interest</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">902</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">1,106</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Non-cash investing and financing transactions during the period:</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Purchase of business - seller financing portion</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">4,000</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">550</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Purchase of business - payable to common shareholders of acquired business</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">502</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #FFFFFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Receivable related to sale of partnership interest</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">11,601</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">-</font></div>
        </td>
        <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
      </tr>
      <tr>
        <td valign="bottom" style="vertical-align: top; width: 76%; background-color: #CCEEFF;">
          <div style="text-align: left; text-indent: 20pt;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">Payable related to purchase of partnership interest - settlement of redeemable non-controlling interest</font></div>
        </td>
        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
        <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
          <div><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">$</font></div>
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        <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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        <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">U.S. Physical Therapy Press Release&#160;&#160;&#160;</div>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page 8</div>
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            <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman'; COLOR: #000000; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">August 8, 2019</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES</div>
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">OPERATING RESULTS AND ADJUSTED EBITDA</div>
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    <div style="font-size: 12pt; font-family: &quot;Times New Roman&quot;; color: rgb(0, 0, 0); text-align: justify;">Operating Results and Adjusted EBITDA are not measures of financial performance under GAAP. Adjusted EBITDA and Operating Results should
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    <div style="FONT-SIZE: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160; <br>
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            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="text-align: left; color: #000000; font-family: 'Times New Roman', serif; font-size: 9pt;">&#160;</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">&#160;</font></div>
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            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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              <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold; color: #000000;"> 2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold; color: #000000;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold; color: #000000;">2019</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; font-weight: bold; color: #000000;">2018</font></div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom;" colspan="2">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">14,620</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">$</font></div>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">9,246</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">23,063</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">$</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">16,363</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #FFFFFF;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">&#160;&#160;&#160;&#160;Charges to retained earnings:</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 52%; background-color: #CCEEFF;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Revaluation of redeemable non-controlling interest</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"> <br>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">(5,169</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1"> <br>
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            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">(4,344</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">)</font></div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">1,356</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">1,140</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">6,042</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">&#160;</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">-</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">(5,823</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">-</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">5,169</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">9,425</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">172</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">)</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">)</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">(2,474</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" colspan="1">
              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">)</font></div>
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              <div style="text-align: left; text-indent: 9pt;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">Operating results</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">10,325</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">$</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">9,246</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">18,768</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">$</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">16,363</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">$</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">0.81</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">$</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">0.73</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">1.47</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">1.29</font></div>
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            <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #FFFFFF;">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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          <tr>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">12,767</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">12,677</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">12,738</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">12,647</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF;">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">23,063</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">&#160;</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div style="text-align: left; text-indent: 9pt;"><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">Adjustments:</font></div>
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            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">-</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">-</font></div>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">(4</font></div>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">)</font></div>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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            <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" colspan="1">&#160;</td>
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              <div><font style="font-family: 'Times New Roman', serif; font-size: 9pt; color: #000000;">16,990</font></div>
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              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">June 30, 2018</font></div>
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              <div style="text-align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">581</font></div>
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              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">September 30, 2018</font></div>
            </td>
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              <div style="text-align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">588</font></div>
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            <td style="width: 50%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">December 31, 2018</font></div>
            </td>
            <td style="width: 53%; vertical-align: bottom;">
              <div style="text-align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">591</font></div>
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            <td style="width: 50%; vertical-align: middle;">&#160;</td>
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            <td style="width: 50%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">March 31, 2019</font></div>
            </td>
            <td style="width: 53%; vertical-align: bottom;">
              <div style="text-align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">590</font></div>
            </td>
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          <tr>
            <td style="width: 50%; vertical-align: middle;">
              <div style="text-align: left;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">June 30, 2019</font></div>
            </td>
            <td style="width: 53%; vertical-align: bottom;">
              <div style="text-align: right;"><font style="font-family: 'Times New Roman', serif; font-size: 10pt; color: #000000;">564</font></div>
            </td>
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            <td style="width: 53%; vertical-align: bottom;">&#160;</td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
