<SUBMISSION>
<ACCESSION-NUMBER>0000894579-03-000075
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20030731
<ITEMS>12
<ITEMS>7
<ITEMS>9
<FILING-DATE>20030801
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PROGRAMMERS PARADISE INC
<CIK>0000945983
<ASSIGNED-SIC>5045
<IRS-NUMBER>133136104
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-26408
<FILM-NUMBER>03818610
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1157 SHREWSBURY AVE
<CITY>SHREWSBURY
<STATE>NJ
<ZIP>07702
<PHONE>7323898950
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1157 SHREWSBURY AVE
<CITY>SHREWSBURY
<STATE>NJ
<ZIP>07702
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ppiform8k305457.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8-K
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<B><FONT SIZE=5>
<hr>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">UNITED STATES</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">SECURITIES AND EXCHANGE COMMISSION</P>
</FONT><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 30">Washington, DC 20549</B><BR>
<BR>
____________________</P>
<B><FONT SIZE=5><P ALIGN="CENTER" style="margin-top: 10">FORM 8-K</P>
</FONT><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">CURRENT REPORT<BR>
<BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</P>
</B><P ALIGN="CENTER" style="margin-top: 40; margin-bottom: 40">Date of report (Date of earliest event reported):  <U>July 31, 2003</U></P>
  <U>
<P ALIGN="CENTER" style="margin-top: 20; margin-bottom: 40">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Programmer's Paradise, Inc. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
(Exact name of Registrant as specified in its charter)</P>
<TABLE CELLSPACING=1 BORDER=0 WIDTH=600>
<TR><TD WIDTH="38%" VALIGN="TOP">
<U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD WIDTH="29%" VALIGN="TOP">
<U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;000-26408&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13-3136104&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">(State of Other Jurisdiction</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">(Commission</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">(IRS Employer</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">of Incorporation)</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">File Number</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">Identification No.)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<U></U>
<TABLE CELLSPACING=1 BORDER=0 WIDTH=600>
<TR><TD WIDTH="59%" VALIGN="TOP">
<U><P ALIGN="CENTER">1157 Shrewsbury Avenue, Shrewsbury, New Jersey</U></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="CENTER">&nbsp;&nbsp;&nbsp;07702&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">(Address of Principal Executive Offices)</FONT></TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=1><P ALIGN="CENTER">(Zip Code)</FONT></TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<P>Registrant's telephone number, including area code:  <U>(732) 389-8950</U><B>&nbsp;</P>
<hr>
<P>&nbsp;</P>
<p Style='page-break-before:always'>
<P>
<hr>

<P>Item 7.  Financial Statements, <I>Pro-Forma</I> Financial Information and Exhibits</P>
</B>
<blockquote>
  <P>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Exhibits</P>

</U>
  <blockquote>
    <P style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">99.1&nbsp;&nbsp;&nbsp;
    Press Release dated July 31, 2003 announcing 2003 second</P>

    <P style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    quarter financial
    results.</P>

  </blockquote>
</blockquote>

<B><P>Item 9 and Item 12.  Regulation FD Disclosure and Results of Operations and Financial Condition</P>
</B><P style="text-indent: 40">On July 31, 2003, Programmer's Paradise, Inc. issued a press release announcing its 2003 second quarter financial results.  The information contained in the press release, which is attached as Exhibit 99.1 to this report, is incorporated by reference herein and is furnished pursuant to Item 9, "Regulation FD Disclosure" and Item 12, "Results of Operations and Financial Condition."</P>

<p Style='page-break-before:always'>
<P>

<hr>
<P>&nbsp;</P>
<B><P ALIGN="CENTER">SIGNATURE</P>
</B><P ALIGN="LEFT" style="text-indent: 40">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<TABLE CELLSPACING=1 BORDER=0 WIDTH=600>
<TR><TD WIDTH="45%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP" COLSPAN=2>
<P>PROGRAMMER'S PARADISE, INC. </TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="55%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">
<P>Dated:  July 31, 2003</TD>
<TD WIDTH="6%" VALIGN="TOP">
<P>By:</TD>
<TD WIDTH="49%" VALIGN="TOP">&nbsp;<u>/s/ Simon F. Nynens&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P>Simon F. Nynens</TD>
</TR>
<TR><TD WIDTH="45%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P>Chief Financial Officer</TD>
</TR>
</TABLE>


<P></P>
<p Style='page-break-before:always'>
<P>

<hr>
<P>&nbsp;</P>

<U><P align="CENTER">Index to Exhibits</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<ol>
<P ALIGN="CENTER"></P>
</ol>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</U>
<TABLE CELLSPACING=1 BORDER=0 WIDTH=600>
<TR><TD WIDTH="17%" VALIGN="TOP">
<U><P>Exhibit No.</U></TD>
<TD WIDTH="83%" VALIGN="TOP">
<U><P>Description</U></TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="83%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="17%" VALIGN="TOP">
<P>99.1</TD>
<TD WIDTH="83%" VALIGN="TOP">
<P>Press Release dated July 31, 2003 announcing 2003 second quarter financial results.</TD>
</TR>
</TABLE>


<P></P></BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ppiexh99305457.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY LINK="#0000ff">

<U><P ALIGN="right">Exhibit 99.1</P>
</U>

<B>
<blockquote>
  <blockquote>
    <blockquote>
      <blockquote>
        <blockquote>
          <P align="left" style="margin-top: 0; margin-bottom: 0">Company Contact:</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">Bill Willett</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">Programmer's Paradise<FONT FACE="Symbol">&#210;</FONT>
, Inc.</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">Chairman and Chief Executive Officer</P>
<P align="left" style="line-height: 100%; margin-top: 0; margin-bottom: 0">(732)-389-8950</P>
<P align="left" style="margin-top: 0; margin-bottom: 0">bill.willett@programmers.com</P>
        </blockquote>
      </blockquote>
    </blockquote>
  </blockquote>
</blockquote>
</B>

<B><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">PROGRAMMER'S PARADISE<FONT FACE="Symbol">&#210;</FONT>
, INC. REPORTS 2003 SECOND QUARTER </P>
<P ALIGN="CENTER" style="margin-top: 0">FINANCIAL RESULTS</P>
<P ALIGN="JUSTIFY">SHREWSBURY, NJ, July 31, 2003</B> - Programmer's Paradise<FONT FACE="Symbol">&#210;</FONT>
, Inc. (NASDAQ: PROG) today reported financial results for the second quarter ended June 30, 2003. The results will be discussed in a conference call to be held on Friday, August 1, 2003 at 10:00 AM Eastern time. The dial-in telephone number is (303) 224-6997 and the pass code is "PROG".</P>
<P ALIGN="JUSTIFY">Revenue for the quarter ended June 30, 2003 was $16.1 million compared with $16.9 million for the quarter ended June 30, 2002. The decrease in year-over-year sales reflects the continued difficult IT spending environment. However, sales increased 6% over the immediately preceding quarter.</P>
<P ALIGN="JUSTIFY">Bill Willett, Chairman and Chief Executive Officer, stated, "We continue to focus on sales productivity and expense control, and as a result we have had a profitable quarter."</P>
<P ALIGN="JUSTIFY">Earnings per share for the quarter were $.05.</P>

<P ALIGN="JUSTIFY">Programmer's Paradise, Inc. is a marketer of technical software and hardware for microcomputers, servers and networks in the United States and Canada. Programmer's Paradise offers a wide variety of technical and general business application software, PC hardware and components from a broad range of publishers and manufacturers. Additional information can be found by visiting www.programmersparadise.com.</P>
<P ALIGN="JUSTIFY">Contact Programmer's Paradise, Inc. via Bill Willett, CEO of Programmer's Paradise, Inc. at (732) 389-8950 or
bill.willett@programmers.com.</P>
<I><P ALIGN="JUSTIFY">The statements in this release concerning the Company's future prospects are forward-looking statements that involve certain risks and uncertainties. Such risks and uncertainties include the continued acceptance of the Company's distribution channel by vendors and customers, the timely availability and acceptance of new products, and contribution of key vendor relationships and support programs.</P>
</I>
<P ALIGN="CENTER">- Tables Follow -</P>
<FONT FACE="CG Times,Times New Roman" SIZE=3>
<p Style='page-break-before:always'>
<P>

<hr>
</FONT>
<P ALIGN="CENTER">&nbsp;<CENTER><TABLE CELLSPACING=1 BORDER=0 WIDTH=600>
<TR><TD VALIGN="TOP" COLSPAN=4>
<B><FONT FACE="CG Times,Times New Roman" SIZE=3><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">CONDENSED CONSOLIDATED BALANCE SHEETS</P>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(In thousands)</B></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT FACE="CG Times,Times New Roman" SIZE=3><P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="JUSTIFY" style="margin-top: 0; margin-bottom: 0"></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times,Times New Roman" SIZE=3><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">June 30,</P>
<U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">2003</P>
</U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Unaudited)</FONT></TD>
<TD WIDTH="21%" VALIGN="TOP">
<FONT FACE="CG Times,Times New Roman" SIZE=3><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">December 31,</P>
<U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">2002</P>
</U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Audited)</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>
<FONT FACE="CG Times,Times New Roman" SIZE=3><P ALIGN="CENTER">ASSETS</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT FACE="CG Times,Times New Roman" SIZE=3><P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">Current assets</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">  &nbsp; Cash and cash equivalents</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">  &nbsp; Marketable Securities</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">  &nbsp; Accounts receivable, net</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">  &nbsp; Inventory - finished goods</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">  &nbsp; Prepaid expenses and other current assets</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">Total current assets</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 20">&nbsp;</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">Equipment and leasehold improvements, net</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">Other assets</P>
<P ALIGN="JUSTIFY" style="line-height: 100%; margin-top: 0; margin-bottom: 0">Total assets</FONT></TD>
<TD VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times,Times New Roman" SIZE=3>
<blockquote>
</CENTER>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">$3,505</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">&#9;7,458</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">      &#9;5,953</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">     &#9;987</P>
<U><P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">     &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
130</P>
</U><P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 40">    18,033</P>
</blockquote>
<CENTER>
</CENTER>
<blockquote>
<P ALIGN="right" style="word-spacing: 0; text-indent: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">    &nbsp;361</P>
<U><P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
59</P>
  </U>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">$18,453
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 10">======</FONT>
</blockquote>
  </TD>
<TD VALIGN="TOP">
<FONT FACE="CG Times,Times New Roman" SIZE=3>
<blockquote>
<P align="right" style="line-height: 100%; text-indent: 0; word-spacing: 0; margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P align="right" style="line-height: 100%; text-indent: 0; word-spacing: 0; margin-top: 0; margin-bottom: 0">$6,072</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">      &#9;5,110</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">      &#9;6,342</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">         &#9;1,151</P>
  <P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">        <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  264</u></P>
  <P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 40">    &#9;18,939</P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">       460</P>
  <P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">          <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  69</u></P>
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">$19,468
<P align="right" style="line-height: 100%; margin-top: 0; margin-bottom: 10">======</FONT>
</blockquote>
  </TD>
</TR>
<CENTER>
<TR><TD VALIGN="TOP" COLSPAN=4>
<FONT FACE="CG Times,Times New Roman" SIZE=3>
<P ALIGN="CENTER" style="line-height: 100%; margin-top: 20; margin-bottom: 40">LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></TD>
</TR>
<TR><TD VALIGN="TOP">
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 20; margin-bottom: 0"><font face="Times New Roman" size="3">Current liabilities</font></P>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp; Accounts payable and accrued expenses</font></P>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp; Dividend payable</font></P>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0"><font face="Times New Roman" size="3">Total current liabilities</font></P>
<FONT FACE="CG Times,Times New Roman" SIZE=3>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">&nbsp;</P>
</FONT>

<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0"><font face="Times New Roman" size="3">Commitments and contingencies</font></P>
<FONT FACE="CG Times,Times New Roman" SIZE=3>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">&nbsp;</P>
</FONT>

<P style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0"><font face="Times New Roman" size="3">Stockholders' equity</font></P>

<P style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp;
Common stock, $.01 par value; authorized,&nbsp;</font></P>

<P style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">
<font face="Times New Roman" size="3">&nbsp;&nbsp; 10,000,000 shares; issued 5,250,250 shares</font></P>

<P style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">&nbsp;&nbsp;
and 5,230,250 shares, respectively</font></P>

<P style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp;Additional paid-in capital</font></P>

<P style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp;Treasury stock, at cost, 1,560,645 shares and</font></P>

<P style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp;&nbsp; 1,389,576 shares, respectively</font></P>

<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp;Accumulated deficit</font></P>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0">  <font face="Times New Roman" size="3">  &nbsp;Accumulated other comprehensive income (loss)</font></P>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0"><font face="Times New Roman" size="3">Total stockholders' equity</font></P>
<P ALIGN="left" style="line-height: 100%; word-spacing: 0; margin-top: 0; margin-bottom: 0"><font face="Times New Roman" size="3">Total liabilities and stockholders' equity</font></TD>
<TD VALIGN="TOP">
<FONT FACE="CG Times,Times New Roman" SIZE=3>
</CENTER>
<blockquote>
<P ALIGN="right" style="line-height: 100%; margin-top: 20; margin-bottom: 0">&nbsp;</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">$ 6,990</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">  <U>       &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
369</P>
</U><P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">   7,359</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin-top: 0; margin-bottom: 0">   &nbsp;   </P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin-top: 0; margin-bottom: 0">   &nbsp;   </P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin-top: 0; margin-bottom: 0">   &nbsp;   </P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin-top: 0; margin-bottom: 0">   &nbsp;   </P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin-top: 0; margin-bottom: 0">   &nbsp;   </P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">53</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">    34,785</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">(4,556)</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"> (19,267)</P>
<U><P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
79</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"> &nbsp; 11,094</P>
  </U>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">$18,453
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">======</FONT>
  </blockquote>
  </TD>
  <CENTER>
<TD VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times,Times New Roman" SIZE=3>
</CENTER>
<blockquote>
<P ALIGN="right" style="line-height: 100%; margin-top: 20; margin-bottom: 0">&nbsp;</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">$ 7,772</P>
<U><P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">       &nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
-</P>
</U><P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">      &nbsp;&nbsp;&nbsp;
  7,772</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">        &nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">        &nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">        &nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">        &nbsp;</P>
<P ALIGN="right" style="word-spacing: 0; line-height: 100%; margin-top: 0; margin-bottom: 0">        &nbsp;</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0"> 52</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">    35,484</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">    &nbsp;</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">(4,184)</P>
  <CENTER>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">  (19,511)</P>
</CENTER>
<U><P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">     &nbsp;&nbsp;&nbsp;&nbsp;
(145)</P>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">     &nbsp; 11,696</P>
  </U>
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">$19,468
<P ALIGN="right" style="line-height: 100%; margin-top: 0; margin-bottom: 0">======</FONT>
  </blockquote>
  </TD>
</TR>
<CENTER>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
</TABLE>
</CENTER>

<FONT FACE="CG Times,Times New Roman" SIZE=3>
<p Style='page-break-before:always'>
<P>

<hr>
<P style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
</FONT>

<I><FONT FACE="CG Times,Times New Roman" SIZE=3>
</I></FONT>
<TABLE CELLSPACING=0 BORDER=0 cellpadding=0 WIDTH=600>
<TR><TD VALIGN="TOP" COLSPAN=5 width="586">
<B><I><P ALIGN="CENTER"><font face="CG Times,Times New Roman" size="2">PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES</font></I></B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5 width="586">
<B><I><P ALIGN="CENTER"><font face="CG Times,Times New Roman" size="2">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</font></I></B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5 width="586">
<B><I><P ALIGN="CENTER"><font face="CG Times,Times New Roman" size="2">(Unaudited)</font></I></B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5 width="586">
<B><I><P ALIGN="CENTER"><font face="CG Times,Times New Roman" size="2">(In thousands, except per share data)</font></I></B></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5 width="586"><font size="1">&nbsp;</font></TD>
</TR>
<TR><TD WIDTH="230" VALIGN="TOP"><font size="2">&nbsp;</font></TD>
<TD WIDTH="167" VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Six months ended</FONT></TD>
<TD WIDTH="185" VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Three months ended</FONT></TD>
</TR>
<TR><TD WIDTH="230" VALIGN="TOP"><font size="2">&nbsp;</font></TD>
<TD WIDTH="167" VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER"><FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>June 30,</U></FONT></TD>
<TD WIDTH="185" VALIGN="TOP" COLSPAN=2>
<P ALIGN="CENTER"><FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>June 30,</U></FONT></TD>
</TR>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER" style="word-spacing: 0; line-height: 100%; text-indent: 0; margin: 0">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;</FONT></TD>
<TD width="83" VALIGN="middle">
<P ALIGN="left" style="line-height: 100%; text-indent: 0; word-spacing: 0; margin: 0"><FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>2003</u></FONT></TD>
<TD WIDTH="82" VALIGN="TOP">
<P ALIGN="left" style="margin-top: 0; margin-bottom: 0"><FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>2002</U></FONT></TD>
<TD WIDTH="100" VALIGN="TOP">
<P ALIGN="CENTER"><FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>2003</U></FONT></TD>
<TD WIDTH="83" VALIGN="TOP">
<P ALIGN="CENTER"><FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;
<U>2002</U></FONT></TD>
</TR>
<TR><TD WIDTH="230" VALIGN="TOP">
  </TD>
<TD WIDTH="83" VALIGN="TOP">
  </TD>
<TD WIDTH="82" VALIGN="TOP">
  </TD>
<TD WIDTH="100" VALIGN="TOP">
  </TD>
<TD WIDTH="83" VALIGN="TOP">
  </TD>
</TR>
<TR><TD WIDTH="230" VALIGN="TOP">
<P>
<FONT FACE="CG Times,Times New Roman" size=2>Net sales</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Cost of sales</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Gross profit</FONT></P>

<P align="left" style="margin-bottom: 20">
<FONT FACE="CG Times,Times New Roman" size=2>Selling, general and administrative expenses</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Income from operations</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Interest income, net</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Realized foreign exchange gain (loss)</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Income before income taxes</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Provision (benefit) for income taxes</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Net income</FONT> </P>

<P style="margin-top: 0; margin-bottom: 0"><font face="CG Times,Times New Roman" size="2">Net income per common share - Basic</font> </P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Net income per common share - Diluted</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Weighted average number of common shares outstanding</FONT></P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Basic</FONT> </P>

<P>
<FONT FACE="CG Times,Times New Roman" size=2>Diluted</FONT></P>

<U><P style="margin-bottom: 20">
<FONT FACE="CG Times,Times New Roman" size=2>Reconciliation of net income to comprehensive income):</FONT></P>
</U>
<P style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>Net income</FONT></P>
<P style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>Other comprehensive income, net of tax:</FONT></P>
<P style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp; Unrealized gain on available-for-sale</FONT></P>
<P style="margin-top: 0; margin-bottom: 0">      <font face="CG Times,Times New Roman" size="2">&nbsp;&nbsp;&nbsp;
securities</font></P>
<P style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp; Foreign currency translation adjustments</FONT></P>
<P style="margin-top: 0">
<FONT FACE="CG Times,Times New Roman" size=2>Total comprehensive income</FONT></TD>
<TD width="83" VALIGN="TOP">
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2> $31,249</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp; 27,138</FONT></P>

</U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>4,111</FONT></P>

<U><P align="right" style="margin-bottom: 20">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp; 3,939</FONT></P>
</U>
<P align="right" style="margin-top: 40">
<FONT FACE="CG Times,Times New Roman" size=2>172</FONT></P>

<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>50</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
80</FONT></P>
</U>
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2> 302</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
58</FONT></P>
</U>
<P align="right" style="line-height: 100%; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$&nbsp;&nbsp; 244</FONT></P>
<P align="right" style="margin-top: 0; margin-bottom: 5"><font face="CG Times,Times New Roman" size="2">=====</font></P>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$&nbsp; 0.07</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 5"><font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$&nbsp; 0.06</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 45"><font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>3,736</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 5">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2> 3,802</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 64">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<U>

<P align="right" style="margin-top: 55; margin-bottom: 25">
<FONT FACE="CG Times,Times New Roman" size=2>$   244</FONT></P>

</U>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2> 14</FONT></P>
<P align="right" style="margin-top: 0; margin-bottom: 0"> <U>
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp; 210</FONT></P>
</U>
<P align="right" style="margin-top: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$ 468</FONT><P align="right" style="margin-top: 0"><font face="CG Times,Times New Roman" size="2">====</font></TD>
<TD width="82" VALIGN="TOP">
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>$34,473</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;29,953</FONT></P>

</U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>4,520</FONT></P>

<U><P align="right" style="margin-bottom: 20">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp; 4,366</FONT></P>
</U>
<P align="right" style="margin-top: 40">
<FONT FACE="CG Times,Times New Roman" size=2>154</FONT></P>

<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>130</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)</FONT></P>
</U>
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2> 277</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp; (252)</FONT></P>
</U>
<P align="right" style="margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$529</FONT></P>
<P align="right" style="margin-top: 0; margin-bottom: 5"><font size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$0.11</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 5"><font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$0.11</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 45"><font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>4,852</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 5">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2> 4,861</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 64">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<U>
<P align="right" style="margin-top: 55; margin-bottom: 25">
<FONT FACE="CG Times,Times New Roman" size=2>$529</FONT></P>

</U>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2> 100</FONT></P>
<P align="right" style="margin-top: 0; margin-bottom: 0"> <U>
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp; 394</FONT></P>
</U>
<P align="right" style="margin-top: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$1,023</FONT>
<P align="right" style="margin-top: 0"><font face="CG Times,Times New Roman" size="2">=====</font></TD>
<TD width="100" VALIGN="TOP">
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2> $16,051</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;13,928</FONT></P>

</U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2> 2,123</FONT></P>

<U><P align="right" style="margin-bottom: 20">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;1,961</FONT></P>
</U>
<P align="right" style="margin-top: 40">
<FONT FACE="CG Times,Times New Roman" size=2>162</FONT></P>

<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>            19</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 58</FONT></P>
</U>
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>239</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp; 36</FONT></P>
</U>
<P style="margin-top: 0; margin-bottom: 0" align="right">
<FONT FACE="CG Times,Times New Roman" size=2>$ 203</FONT></P>
<P style="margin-top: 0; margin-bottom: 5" align="right"><font face="CG Times,Times New Roman" size="2">====</font></P>
<P style="margin-top: 0; margin-bottom: 0" align="right">
<FONT FACE="CG Times,Times New Roman" size=2>$ 0.05</FONT></P>

<P style="margin-top: 0; margin-bottom: 5" align="right"><font face="CG Times,Times New Roman" size="2">====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$ 0.05</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 45">
<FONT FACE="CG Times,Times New Roman" size=2>=====</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>3,727</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 5">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>3,792</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 64">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<U>
<P align="right" style="margin-top: 55; margin-bottom: 25">
<FONT FACE="CG Times,Times New Roman" size=2>$ 203</FONT></P>

</U>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>19</FONT></P>
<P align="right" style="margin-top: 0; margin-bottom: 0"> <U>
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp; 86</FONT></P>
</U>
<P align="right" style="margin-top: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$ 308</FONT>
<P align="right" style="margin-top: 0"><font face="CG Times,Times New Roman" size="2">====</font></TD>
<TD width="83" VALIGN="TOP">
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>$16,926</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;14,678</FONT></P>

</U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2> 2,248</FONT></P>

<U><P align="right" style="margin-bottom: 20">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;2,197</FONT></P>
</U>
<P align="right" style="margin-top: 40">
<FONT FACE="CG Times,Times New Roman" size=2>51</FONT></P>

<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>            78</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2</FONT></P>
</U>
<P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>131</FONT></P>

<U><P align="right">
<FONT FACE="CG Times,Times New Roman" size=2>(300)</FONT></P>
</U>
<P style="margin-bottom: 0" align="right">
<FONT FACE="CG Times,Times New Roman" size=2>$ 431</FONT></P>
<P style="margin-top: 0; margin-bottom: 5" align="right"><font face="CG Times,Times New Roman" size="2">====</font></P>
<P style="margin-top: 0; margin-bottom: 0" align="right">
<FONT FACE="CG Times,Times New Roman" size=2>$ 0.09</FONT></P>

<P style="margin-top: 0; margin-bottom: 5" align="right"><font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$ 0.09</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 45">
<FONT FACE="CG Times,Times New Roman" size=2>=====</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>4,784</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 5">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>4,794</FONT></P>

<P align="right" style="margin-top: 0; margin-bottom: 64">
<font face="CG Times,Times New Roman" size="2">=====</font></P>

<U>
<P align="right" style="margin-top: 55; margin-bottom: 25">
<FONT FACE="CG Times,Times New Roman" size=2>$ 431</FONT></P>

</U>
<P align="right" style="margin-top: 0; margin-bottom: 0">
<FONT FACE="CG Times,Times New Roman" size=2>100</FONT></P>
<P align="right" style="margin-top: 0; margin-bottom: 0"> <U>
<FONT FACE="CG Times,Times New Roman" size=2>&nbsp; 437</FONT></P>
</U><P align="right" style="margin-top: 0">
<FONT FACE="CG Times,Times New Roman" size=2>$ 968</FONT><P align="right" style="margin-top: 0"><font face="CG Times,Times New Roman" size="2">====</font></TD>
</TR>
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