<SUBMISSION>
<ACCESSION-NUMBER>0000894579-04-000046
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20040422
<ITEMS>12
<ITEMS>9
<FILING-DATE>20040423
<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>04751734
</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>ppi3054578k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
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<BODY LINK="#0000ff" VLINK="#800080">

<B><FONT SIZE=5><hr color="#000000" size="0">
<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">Washington, DC 20549</B><BR>
<BR>
____________________</P>
<B><FONT SIZE=5><P ALIGN="CENTER">FORM 8-K</P>
</FONT><P ALIGN="CENTER">CURRENT REPORT<BR>
<BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</P>
</B><P ALIGN="CENTER">Date of report (Date of earliest event reported):  <U>April 22, 2004</P></U>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="173" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="427" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
<P ALIGN="CENTER">Programmer's Paradise, Inc.</TD>
</TR>
<TR><TD WIDTH="173" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="427" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">
<P ALIGN="CENTER">(Exact name of Registrant as specified in its charter)</TD>
</TR>
</TABLE>


<P>&nbsp;</P>
<P>&nbsp;</P>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
<P ALIGN="CENTER">Delaware</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
<P ALIGN="CENTER">000-26408</TD>
<TD WIDTH="6%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
<P ALIGN="CENTER">13-3136104</TD>
<TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=1><P ALIGN="CENTER">(State of Other Jurisdiction</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=1><P ALIGN="CENTER">(Commission</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=1><P ALIGN="CENTER">(IRS Employer</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=1><P ALIGN="CENTER">of Incorporation)</FONT></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=1><P ALIGN="CENTER">File Number)</FONT></TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=1><P ALIGN="CENTER">Identification No.)</FONT></TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="38%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
</TABLE>

  </center>
</div>
<div align="center">
  <center>

<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<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="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
<P ALIGN="CENTER">07702</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</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" COLSPAN=3>
<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" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD WIDTH="59%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="8%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
</TABLE>

  </center>
</div>

<P>Registrant's telephone number, including area code:  <U>(732) 389-8950</P>
</U>
<P>&nbsp;</P>

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

<P>
<B><P>Item 9 and Item 12.  Regulation FD Disclosure and Results of Operations and Financial Condition</P>
</B><P>On April 22, 2004, Programmer's Paradise, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2004.  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>

<B><P ALIGN="CENTER">SIGNATURE</P>
</B><P>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=0 BORDER=0 CELLPADDING=0 WIDTH=621 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="367" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="254" VALIGN="TOP" COLSPAN=2>
<P>PROGRAMMER'S PARADISE, INC. </TD>
</TR>
<TR><TD WIDTH="367" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="254" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
</TR>
<TR><TD WIDTH="367" VALIGN="TOP">
<P>Dated:  April 23, 2004</TD>
<TD WIDTH="33" VALIGN="TOP">
<P>By:</TD>
<TD WIDTH="221" VALIGN="TOP" style="border-bottom-style: solid; border-bottom-width: 1">
/s/ Simon F. Nynens</TD>
</TR>
<TR><TD WIDTH="367" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="221" VALIGN="TOP" style="border-top-style: solid; border-top-width: 1">
<P>Simon F. Nynens</TD>
</TR>
<TR><TD WIDTH="367" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="221" VALIGN="TOP">
<P>Chief Financial Officer</TD>
</TR>
</TABLE>

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

<P>

<P>&nbsp;</P>

<U><P ALIGN="center">Index to Exhibits</P>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
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<P ALIGN="CENTER"></P></DIR>
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</U>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<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 April 22, 2004 announcing financial results for the first quarter ended March 31, 2004.</TD>
</TR>
</TABLE>

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>ppi305457pressrel.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<BODY LINK="#0000ff">

<B><P style="text-indent: 250; margin-top: 0; margin-bottom: 0" align="right">
Exhibit 99.1</P>
<P style="text-indent: 250; margin-top: 0; margin-bottom: 0">Company Contact:</P>
<P style="text-indent: 250; margin-top: 0; margin-bottom: 0">Bill Willett</P>
<P style="text-indent: 250; margin-top: 0; margin-bottom: 0">Programmer's Paradise<SUP><font size="2">(R)</font></SUP>, Inc.</P>
<P style="text-indent: 250; margin-top: 0; margin-bottom: 0">Chairman and Chief Executive Officer</P>
<P style="text-indent: 250; margin-top: 0; margin-bottom: 0">(732)-389-8950</P>
<P style="text-indent: 250; margin-top: 0; margin-bottom: 50">bill.willett@programmers.com</P>
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</DIR>

<B><P ALIGN="CENTER" style="margin-top: 20">PROGRAMMER'S PARADISE<SUP><font size="2">(R)</font></SUP>, INC. REPORTS 2004 FIRST QUARTER <BR>
FINANCIAL RESULTS</P>
<P ALIGN="CENTER" style="margin-bottom: 0">NET SALES INCREASE 36%</P>
<P ALIGN="CENTER" style="margin-top: 0">EARNINGS PER SHARE OF $.10</P>
<P>SHREWSBURY, NJ, April 22, 2004 </B>- Programmer's Paradise<SUP><font size="2">(R)</font></SUP>, Inc. (NASDAQ: PROG) today reported financial results for the first quarter ended March 31, 2004. The results will be discussed in a conference call to be held on Friday, April 23, 2004 at 10:00 AM Eastern time. The dial-in telephone number is (703) 871-3096 and the pass code is "PROG".</P>

<P>Revenue for the quarter ended March 31, 2004 was $20.7 million compared with $15.2 million for the quarter ended March 31, 2003. This year-over-year increase of 36% reflects a more favorable IT spending environment, improved productivity and expansion of our account executive team.</P>

<P>Bill Willett, Chairman and Chief Executive Officer, stated, "Our seasoned account executives continue to gain market share and with the improved market condition we will continue to expand our account executive team."</P>

<P>Earnings per share for the quarter were $.10 compared with earnings per share of $.01 for the same quarter of 2003.</P>

<P>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>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 style="margin-bottom: 30">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" style="margin-top: 0">- Tables Follow -</P>

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

<P>

<FONT FACE="CG Times" SIZE=3></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=541 style="border-collapse: collapse" bordercolor="#111111" height="760">
<TR><TD VALIGN="TOP" COLSPAN=8 width="551" height="19">
<FONT FACE="CG Times" SIZE=3>
<B><P ALIGN="CENTER">PART I - FINANCIAL INFORMATION</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=8 width="551" height="19">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=8 width="551" height="57">
<FONT FACE="CG Times" SIZE=3>
<B><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="357" VALIGN="TOP" height="57">
<FONT FACE="CG Times" SIZE=3>
<P ALIGN="LEFT" style="margin-top: 0; margin-bottom: 0"></P>
<P ALIGN="LEFT" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P ALIGN="LEFT" style="margin-top: 0; margin-bottom: 0"></FONT></TD>
<TD WIDTH="86" VALIGN="TOP" height="57">
<FONT FACE="CG Times" SIZE=3>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">March 31,</P>
<U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">2004</P>
</U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Unaudited)</FONT></TD>
<TD WIDTH="7" VALIGN="TOP" COLSPAN=3 height="57">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="101" VALIGN="TOP" COLSPAN=3 height="57">
<FONT FACE="CG Times" 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">2003</P>
</U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Audited)</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=8 width="551" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER">ASSETS</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">Current assets</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 height="19">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&nbsp; Cash and cash equivalents</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="left" height="19">
<FONT FACE="CG Times" SIZE=3><P>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;2,823</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; &#9;5,878</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&nbsp; Marketable Securities</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="left" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;7,583</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;5,033</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&nbsp; Accounts receivable, net</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="left" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;9,282</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;7,783</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&nbsp; Inventory - finished goods</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="left" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1,257</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1,119</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&nbsp; Prepaid expenses and other current assets</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="left" style="border-bottom-style: none; border-bottom-width: medium" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;547</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="LEFT">&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;333</u></FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>Total current assets</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="left" style="border-top-style: none; border-top-width: medium" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;21,492</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P align="left">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;20,146</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="right" height="19">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">Equipment and leasehold improvements, net</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;274</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;292</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">Other assets</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="right" style="border-bottom-style: none; border-bottom-width: medium" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;51</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" height="19">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">&#9;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;51</u></FONT></TD>
</TR>
<TR>
  <TD WIDTH="357" VALIGN="TOP" style="border-right-style: none; border-right-width: medium" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">Total assets</FONT></TD>
<TD WIDTH="84" VALIGN="TOP" COLSPAN=2 align="right" style="border-style: none; border-width: medium" height="19">
<p align="left" style="margin-bottom: -7">$&nbsp;&nbsp;&nbsp;&nbsp; 21,817</p>
<p align="left" style="margin-top: 0">========</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=3 align="right" style="border-left-style: none; border-left-width: medium" height="19">
<p align="left">&nbsp;</TD>
<TD WIDTH="88" VALIGN="TOP" COLSPAN=2 align="right" height="19">
<p align="left" style="margin-bottom: -7">&nbsp; $&nbsp;&nbsp; 20,489</p>
<p align="left" style="margin-top: 0">&nbsp;========</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=8 width="551" height="19">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=8 width="551" height="19">
<FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER">LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>Current liabilities</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp; Accounts payable and accrued expenses</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>$&nbsp;&nbsp;&nbsp;&nbsp; &#9;10,098</FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; &#9;8,919</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp; Dividend payable</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;382</u></FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;375</u></FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>Total current liabilities</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;10,480</FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;9,294</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>Commitments and contingencies</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>Stockholders' equity</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="453" VALIGN="TOP" colspan="4" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;Common stock, $.01 par value; authorized, 10,000,000 </FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;&nbsp; shares; issued 5,284,500 shares</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;53</FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;53</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;Additional paid-in capital</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;33,717</FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp; &#9;34,099</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">&nbsp;</TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;Treasury stock, at cost, 1,465,715 shares and </FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">&nbsp;</TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp; 1,533,970 shares, respectively</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(4,300)</FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(4,490)</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;Retained earnings</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp; (18,183)</FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp; &#9;(18,545)</FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;Accumulated other comprehensive loss</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;50</u></FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;78</u></FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>Total stockholders' equity</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp; &#9;11,337</u></FONT></TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>&#9;<i>&nbsp;<u> &nbsp;&nbsp;&nbsp; </u></i><u>11,195</u></FONT></TD>
</TR>
<TR><TD WIDTH="357" VALIGN="TOP" height="19">
<FONT FACE="CG Times" SIZE=3><P>Total liabilities and stockholders' equity</FONT></TD>
<TD WIDTH="96" VALIGN="TOP" COLSPAN=3 height="19">
<p style="margin-bottom: -7">$&nbsp;&nbsp; 21,817</p>
<p style="margin-top: 0">=======</TD>
<TD WIDTH="11" VALIGN="TOP" COLSPAN=3 height="19">&nbsp;</TD>
<TD WIDTH="87" VALIGN="TOP" height="19">
<p style="margin-bottom: -7">&nbsp;$&nbsp;&nbsp; 20,489</p>
<p style="margin-top: 0">&nbsp;=======</TD>
</TR>
</TABLE>

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

<P>

<FONT FACE="CG Times" SIZE=3>
<P ALIGN="LEFT">&nbsp;</P>
<P ALIGN="LEFT">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=543 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD VALIGN="TOP" COLSPAN=6 width="543">
<FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER"><b>PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES</b></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 width="543">
<FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER"><b>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</b></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 width="543">
<FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER"><b>(Unaudited)</b></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 width="543">
<FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER"><b>(In thousands, except per share data)</b></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=6 width="543">&nbsp;</TD>
</TR>
<TR><TD WIDTH="369" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="174" VALIGN="TOP" COLSPAN=5>
<FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER">Three months ended</FONT></TD>
</TR>
<TR><TD WIDTH="369" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="174" VALIGN="TOP" COLSPAN=5>
<U><FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER">March 31,</U></FONT></TD>
</TR>
<TR><TD WIDTH="369" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="71" VALIGN="TOP" COLSPAN=3>
<U><FONT FACE="CG Times" SIZE=3><P ALIGN="CENTER">2004</U></FONT></TD>
<TD WIDTH="21" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P ALIGN="left">&nbsp;&nbsp;&nbsp;
<U>2003</U></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Net sales</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&nbsp;$&#9;20,679</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>$&#9;15,198</FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Cost of sales</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp; &nbsp;&nbsp;18,078</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp; &#9;13,210</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Gross profit</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;2,601</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp; &#9;1,988</FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Selling, general and administrative expenses</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;2,222</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp; &#9;1,978</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Income from operations</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &#9;379</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;10</FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Interest income, net</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;39</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;31</FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Unrealized foreign exchange gain/(loss) </FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(21)</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;22</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Income before income tax provision</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &#9;397</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;63</FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Provision for income taxes</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &#9;35</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;22</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Net income</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<p style="margin-bottom: -7">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362</p>
<p style="margin-top: 0; margin-bottom: -7">=======</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>
<p style="margin-bottom: -7">&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<p style="margin-bottom: -7">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41</p>
<p style="margin-top: 0">======</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>
<p style="margin-top: 0">&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Net income per common share-Basic</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P><u>$&nbsp;&nbsp;&nbsp; &nbsp; &#9;0.10</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P><u>$&nbsp;&nbsp;&nbsp;&nbsp; &#9;0.01</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Net income per common share-Diluted</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P><u>$&nbsp;&nbsp; &nbsp;&nbsp; &#9;0.09</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P><u>$&nbsp;&nbsp;&nbsp;&nbsp; &#9;0.01</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Weighted average common shares outstanding-Basic</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;3,797</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp; &#9;3,745</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Weighted average common shares outstanding-Diluted</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;4,084</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp; &#9;3,754</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<U><FONT FACE="CG Times" SIZE=3><P>Reconciliation to comprehensive income:</U></FONT></TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Net Income</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P><u>$&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &#9;362</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P><u>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;41</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Other comprehensive income (loss), net of tax:</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on marketable securities</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; &#9;10</FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(5)</FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation adjustments</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;(38)</u></FONT></TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<FONT FACE="CG Times" SIZE=3><P>&#9;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;124</u></FONT></TD>
</TR>
<TR><TD WIDTH="370" VALIGN="TOP" COLSPAN=2>
<FONT FACE="CG Times" SIZE=3><P>Total comprehensive income</FONT></TD>
<TD WIDTH="69" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: -7">$&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; 334</p>
<p style="margin-top: 0; margin-bottom: 0">=======</TD>
<TD WIDTH="22" VALIGN="TOP" COLSPAN=2>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="82" VALIGN="TOP">
<p style="margin-top: 0; margin-bottom: -7">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160</p>
<p style="margin-top: 0; margin-bottom: 0">======</TD>
</TR>
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