<SUBMISSION>
<ACCESSION-NUMBER>0000894579-05-000258
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20051027
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20051028
<DATE-OF-FILING-DATE-CHANGE>20051028
<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>051162869
</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>ppi305457form8k1028.htm
<DESCRIPTION>FORM 8K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K Programmer's Paradise, Inc.</TITLE>
</HEAD>
<BODY VLINK="#800080">


<CENTER>
  <TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR>
  <TD VALIGN="TOP" style="border-left-style: none; border-right-style: none; border-bottom-style: none">
<div style="border-top-style: double; border-top-width: 3">
&nbsp;</div>
  </TD>
</TR>
<TR><TD VALIGN="TOP" style="border-top-style: none; border-top-width: medium">
<B><P ALIGN="CENTER">UNITED STATES</B></TD>
</TR>
<TR><TD VALIGN="TOP">
<B><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</B></TD>
</TR>
<TR><TD VALIGN="TOP">
<B><P ALIGN="CENTER">Washington, DC 20549</B></TD>
</TR>
<TR><TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER">____________________</TD>
</TR>
<TR><TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP">
<FONT SIZE=4>
<B><P ALIGN="CENTER">FORM 8-K</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER"><b>CURRENT REPORT</b></TD>
</TR>
<TR><TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" HEIGHT=36>
<P ALIGN="CENTER"><b>Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</b></TD>
</TR>
<TR><TD VALIGN="TOP" HEIGHT=19><P></P></TD>
</TR>
<TR><TD VALIGN="TOP" HEIGHT=12><P></P></TD>
</TR>
<TR><TD VALIGN="TOP">
<P ALIGN="CENTER">Date of report (Date of earliest event reported):  <U>October
27, 2005</U></TD>
</TR>
<TR><TD VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" HEIGHT=36>
<P ALIGN="CENTER"><u>Programmer's Paradise, Inc</u>.<BR>
(Exact name of Registrant as specified in its charter)</TD>
</TR>
</TABLE>
</CENTER></P>


<div align="center">
  <center>


<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="CENTER">Delaware</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="CENTER">000-26408</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<U><P ALIGN="CENTER">13-3136104</U></TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">(State of Other Jurisdiction</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">(Commission</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">(IRS Employer</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">of Incorporation)</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">File Number)</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">Identification No.)</TD>
</TR>
<TR><TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&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="67%" VALIGN="TOP">
<U><P ALIGN="CENTER">1157 Shrewsbury Avenue, Shrewsbury, New Jersey</U></TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER"><u>07702</u></TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP">
<P ALIGN="CENTER">(Address of Principal Executive Offices)</TD>
<TD WIDTH="33%" VALIGN="TOP">
<P ALIGN="CENTER">(Zip Code)</TD>
</TR>
<TR><TD WIDTH="67%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>


  </center>
</div>


<P>Registrant's telephone number, including area code:  <u>(732) 389-8950</u></P>
<P style="text-indent: 45">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:</P>
<div align="center">
  <center>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="7%" VALIGN="TOP">
<P>[&nbsp;&nbsp; ]</TD>
<TD WIDTH="93%" VALIGN="TOP">
<P>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<P>[&nbsp;&nbsp; ]</TD>
<TD WIDTH="93%" VALIGN="TOP">
<P>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<P>[&nbsp;&nbsp; ]</TD>
<TD WIDTH="93%" VALIGN="TOP">
<P>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">
<P>[&nbsp;&nbsp; ]</TD>
<TD WIDTH="93%" VALIGN="TOP">
<P>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
<TR>
  <TD WIDTH="7%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 3">&nbsp;</TD>
<TD WIDTH="93%" VALIGN="TOP" style="border-bottom-style: double; border-bottom-width: 3">&nbsp;</TD>
</TR>
</TABLE>

  </center>
</div>

<p Style='page-break-before:always'>
<B><P>Item 2.02 and Item 7.01.  Results of Operations and Financial Condition and Regulation FD Disclosure</P>
</B><P style="text-indent: 45">On October 27, 2005, Programmer's Paradise, Inc. issued a press release announcing its financial results for the
third quarter ended September 30, 2005.  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 2.02, "Results of Operations and Financial Condition" and Item 7.01, "Regulation FD Disclosure."</P>
<B><P style="margin-top: 0; margin-bottom: 0">Item 9.01.  Financial Statements and Exhibits.</P></B>
<P ALIGN="RIGHT">
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=558 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="7%" VALIGN="TOP">
<B><P>(d)</B></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><P align="center">Exhibits.</B></TD>
<TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="79%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="7%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">
<P ALIGN="CENTER">99.1</TD>
<TD WIDTH="79%" VALIGN="TOP">
<P>Press Release dated October 27, 2005, furnished pursuant to Item 2.02 and Item 7.01</TD>
</TR>
</TABLE>
</P>


<p Style='page-break-before:always'>
<B><P ALIGN="CENTER">SIGNATURE</P>
</B><P style="text-indent: 45">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=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="57%" VALIGN="TOP" COLSPAN=2>
<P>PROGRAMMER'S PARADISE, INC.</TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="49%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="49%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP">
<P>Dated: October 28, 2005</TD>
<TD WIDTH="9%" VALIGN="TOP">
<P>By:</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P>   <u>/s/ William H. Willett&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;&nbsp;&nbsp;&nbsp;&nbsp;
</u></TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P>William H. Willett</TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="49%" VALIGN="TOP">
<P>Chairman of the Board, President and Chief</TD>
</TR>
<TR><TD WIDTH="43%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="9%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="49%" VALIGN="TOP">
Executive Officer</TD>
</TR>
</TABLE>

<p Style='page-break-before:always'>
<U><P ALIGN="CENTER">Index to Exhibits</P></U>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD WIDTH="24%" VALIGN="TOP">
<U><P>Exhibit No</U>.</TD>
<TD WIDTH="76%" VALIGN="TOP">
<U><P>Description</U></TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="76%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="24%" VALIGN="TOP">
<P>99.1</TD>
<TD WIDTH="76%" VALIGN="TOP">
<P>Press Release dated October 27, 2005, furnished pursuant to Item 2.02 and Item 7.01</TD>
</TR>
</TABLE>


<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exh99.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99</TITLE>
</HEAD>
<BODY VLINK="#800080">
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>
<DIR>

<B><P ALIGN="RIGHT">Exhibit 99.1</P>
</B>
<B><P>Company Contact:<br>
Bill Willett<br>
Programmer's Paradise<FONT FACE="Symbol">&#210;</FONT>
, Inc.<br>
Chairman and Chief Executive Officer<br>
(732)-389-8950<br>
<U>bill.willett@programmers.com</P>
</U>
</B>
<P>&nbsp;</P></DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>
</DIR>

<B><P ALIGN="CENTER">PROGRAMMER'S PARADISE, INC. REPORTS 2005 THIRD QUARTER <BR>
FINANCIAL RESULTS</P></B>
<B><P ALIGN="CENTER">THIRD QUARTER SALES INCREASE 32% INCOME FROM OPERATIONS INCREASES 52%</P></B>
<B><P ALIGN="JUSTIFY">SHREWSBURY, NJ, October 27, 2005 </B>- Programmer's Paradise, Inc. (NASDAQ: PROG) today reported financial results for the third quarter ended September 30, 2005. The results will be discussed in a conference call to be held on Friday, October 28, 2005 at 10:00 AM Eastern time. The dial-in telephone number is (866) 814-8476 and the pass code is PROG.</P>

<P ALIGN="JUSTIFY">Net sales for the quarter ending September 30, 2005 were $35.5 million compared with $26.8 million in the third quarter of 2004, a 32% increase. "This solid performance is the result of improved productivity of our account executive team including our sales office in Long Island which opened last quarter," said William H. Willett, Chairman and Chief Executive Officer.</P>

<P ALIGN="JUSTIFY">Income from operations for the quarter ending September 30, 2005 was $0.9 million compared with $0.6 million in the third quarter of 2004 or an increase of 52%.</P>

<P ALIGN="JUSTIFY">Programmer's Paradise, Inc. (NASDAQ: PROG) was founded in 1982 and is an award-winning marketer of technical software and hardware. When it comes to software, Programmer's Paradise has it all. Programmer's Paradise is one of the most recognizable and memorable brands in developer marketing. Our experienced account executives are key in our strategy. We offer our customers customized extranets, consultancy services, and flexible financing, as well as same day shipping.</P>

<P ALIGN="JUSTIFY">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><FONT SIZE=2><P>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. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in our filings with the Securities and Exchange Commission.<BR>
</P>
</I></FONT><P ALIGN="CENTER">- Tables Follow -</P>
<P ALIGN="left">
<P ALIGN="left"><p Style='page-break-before:always'>
<CENTER>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=587 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD VALIGN="TOP" COLSPAN=4>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>
<B><FONT SIZE=3><P ALIGN="CENTER"></P>
</FONT><FONT SIZE=2>
<P ALIGN="CENTER">PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES</P>
<P ALIGN="CENTER">CONDENSED CONSOLIDATED BALANCE SHEETS</P>
<P ALIGN="CENTER">(In thousands)</FONT></B></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">

<P>&nbsp;</P>
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">September 30,</P>
<U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">2005</P>
</U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">(Unaudited)</P>
</FONT>
<P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
<TD WIDTH="21%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">December 31,</P>
<U><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">2004</P>
</U></FONT><P ALIGN="CENTER" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P ALIGN="CENTER">ASSETS</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Current assets</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Cash and cash equivalents</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">$4,609</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$4,888</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Marketable securities</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">7,911</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">6,595</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts receivable, net</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">17,586</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">14,173</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Inventory - finished goods</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">1,263</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,423</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Prepaid expenses and other current assets</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">450</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">673</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Deferred income taxes, current</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2>
<U><P ALIGN="RIGHT">1,738</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">1,423</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Total current assets</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">33,557</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">29,175</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Equipment and leasehold improvements, net</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">442</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">303</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Other assets</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">465</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">581</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Deferred income taxes, net of current</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2,053</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2,855</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Total assets</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  36,517</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$ 32,914</U></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>

&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=4>

<FONT SIZE=2><P ALIGN="CENTER">LIABILITIES AND STOCKHOLDERS' EQUITY</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Current liabilities</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Accounts payable and accrued expenses</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">$  19,082</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$  15,994</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Dividend payable</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2>
<U><P ALIGN="RIGHT">480</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">425</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Total current liabilities</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">19,562</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">16,419</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Commitments and contingencies</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Stockholders' equity</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Common stock, $.01 par value; authorized, 10,000,000 shares; issued 5,284,500 shares</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT">53</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT">53</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Additional paid-in capital</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">31,468</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">32,642</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Treasury stock, at cost, 1,289,665 shares and 1,418,090 shares, respectively</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT"><br>
(3,620)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT"><br>
(4,130)</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Accumulated deficit</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(11,135)</FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(12,223)</FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP"><DIR>
<DIR>

<FONT SIZE=2><P>Accumulated other comprehensive income</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2>
<U><P ALIGN="RIGHT">189</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">153</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Total stockholders' equity</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2>
<U><P ALIGN="RIGHT">16,955</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">16,495</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">
<FONT SIZE=2><P>Total liabilities and stockholders' equity</FONT></TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$ 36,517</U></FONT></TD>
<TD WIDTH="20%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  32,914</U></FONT></TD>
</TR>
<TR><TD WIDTH="61%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="19%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="20%" VALIGN="TOP">&nbsp;</TD>
</TR>
<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></P>


<FONT SIZE=3><P ALIGN="left"><p Style='page-break-before:always'></P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=0 WIDTH=600 style="border-collapse: collapse" bordercolor="#111111">
<TR><TD VALIGN="TOP" COLSPAN=5>
<FONT SIZE=2>
<B><P ALIGN="CENTER">PROGRAMMER'S PARADISE, INC. AND SUBSIDIARIES</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5>
<FONT SIZE=2>
<B><P ALIGN="CENTER">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5>
<FONT SIZE=2>
<B><P ALIGN="CENTER">(Unaudited)</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5>
<FONT SIZE=2>
<B><P ALIGN="CENTER">(In thousands, except per share data)</B></FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=5 HEIGHT=25><P></P></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" colspan="2">
<p align="center"><font size="2">Nine months</font></TD>
<TD WIDTH="22%" VALIGN="TOP" colspan="2">
<p align="center"><font size="2">Three months</font></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" colspan="2">
<p align="center"><font size="2">ended</font></TD>
<TD WIDTH="22%" VALIGN="TOP" colspan="2">
<p align="center"><font size="2">ended</font></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="22%" VALIGN="TOP" colspan="2">
<p align="center"><u><font size="2">September 30, </font></u></TD>
<TD WIDTH="22%" VALIGN="TOP" colspan="2">
<p align="center"><u><font size="2">September 30,</font></u></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2005</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2004</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2005</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2004</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Net sales</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$95,692</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$72,560</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 35,471</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 26,788</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Cost of sales</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">85,016</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">63,677</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">31,594</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">23,574</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Gross profit</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">10,676</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">8,883</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">3,877</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">3,214</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Selling, general and administrative expenses</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">9,064</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">7,359</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2,956</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">2,607</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Income from operations</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,612</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,524</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">921</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">607</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">Interest income, net</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">218</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">87</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">79</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT">34</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Realized foreign exchange gain (loss)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">(14)</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">4</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">10</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">32</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Income before income tax provision</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,816</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,615</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,010</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">673</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Provision for income taxes</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">728</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">104</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">407</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">47</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Net income</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  1,088</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  1,511</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  603</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  626</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Net income per common share&nbsp; - Basic</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.27</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.40</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.15</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.16</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Net income per common share - Diluted</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.25</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.37</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.14</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  0.15</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Weighted average common shares outstanding - Basic</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">3,969</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">3,819</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">3,994</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">3,834</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Weighted average common shares outstanding&nbsp;-&nbsp; Diluted</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">4,391</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">4,071</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">4,339</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">4,189</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">Reconciliation to comprehensive income:</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Net income</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,088</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,511</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$  603</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$  626</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Other comprehensive income (loss), net of tax:</P>
<P ALIGN="RIGHT">Unrealized gain (loss) on marketable securities</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT"><br>
<br>
14</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT"><br>
<br>
(22)</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT"><br>
<br>
8</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="RIGHT"></P>
</FONT>
<FONT SIZE=2>
<P ALIGN="RIGHT"><br>
<br>
14</FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Foreign currency translation adjustments</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">22</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">26</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">55</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">76</U></FONT></TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">Total comprehensive income</FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$  1,124</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$1,515</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$ 666</U></FONT></TD>
<TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=2>
<U><P ALIGN="RIGHT">$716</U></FONT></TD>
</TR>
</TABLE>

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