<SUBMISSION>
<ACCESSION-NUMBER>0000916002-04-000035
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20040505
<ITEMS>12
<ITEMS>7
<ITEMS>9
<FILING-DATE>20040506
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>MGP INGREDIENTS INC
<CIK>0000835011
<ASSIGNED-SIC>2040
<IRS-NUMBER>480531200
<STATE-OF-INCORPORATION>KS
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-17196
<FILM-NUMBER>04782770
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1300 MAIN ST
<CITY>ATCHISON
<STATE>KS
<ZIP>66002
<PHONE>9133671480
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1300 MAIN STREET
<CITY>ATCHISON
<STATE>KS
<ZIP>66002
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MIDWEST GRAIN PRODUCTS INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D. C. 20549</B></FONT></P>

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
FORM 8-K </FONT></H1>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
CURRENT REPORT <BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>
</FONT></P><BR>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Date of Report (Date of earliest event reported)<B> May 5, 2004</B> </FONT></P>
<BR><BR>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
MGP Ingredients, Inc.</B><BR>
(Exact name of registrant as specified in its charter)</FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR ALIGN=CENTER VALIGN=TOP>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>KANSAS</B></FONT></TD>
<TD WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>0-17196</B></FONT></TD>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>48-0531200</B></FONT></TD>
</TR>
<TR ALIGN=CENTER VALIGN=TOP>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
(State or other jurisdiction of</FONT></TD>
<TD WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
(Commission</FONT></TD>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
(IRS Employer Identification No.)</FONT></TD>
</TR>
<TR ALIGN=CENTER VALIGN=TOP>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
incorporation)</FONT></TD>
<TD WIDTH=34%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
File Number)</FONT></TD>
<TD WIDTH=33%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;</FONT></TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
1300 Main Street<BR>
Box 130<BR>
Atchison, Kansas 66002</B><BR>
(Address of principal executive offices) (Zip Code)
</FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
(913) 367-1480</B><BR>
(Registrant's telephone number, including area code)
</FONT></P>

<BR><BR><BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Item 7. Exhibits.</FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
99.1</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Press Release dated May 5, 2004, furnished solely for the purpose of incorporation by
reference into Items 9 and 12 herein.</FONT></TD></TR>
</TABLE>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Item 9. Regulation FD Disclosure. </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Attached as Exhibit 99.1 is a press release which was issued on May 5, 2004, by MGP Ingredients,
Inc. (the &#147;Company&#148;), announcing third quarter operating results for fiscal year
2004. Exhibit 99.1 is furnished pursuant to Item 9, Regulation FD and Item 12, Disclosure
of Results of Operation and Financial Condition. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An investors conference call will take place at 10:00 a.m. central standard time on Thursday,
May 6, 2004. The Company&#146;s senior management will discuss the Company&#146;s third
quarter results and certain forward looking information during the conference call.
Interested persons may listen to the conference call via telephone by dialing (888)
417-2310 before 9:55 a.m. or access it on the Internet at www.mgpingredients.com. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Item 12. Results of Operations and Financial Condition. </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May 5, 2004, the Company announced financial results for the third quarter for fiscal year
2004, which ended March 31, 2004. The press release dated May 5, 2004, is furnished
pursuant to Item 9, Regulation FD and Item 12, Disclosure of Results of Operation and
Financial Condition. </FONT></P>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
SIGNATURES </FONT></H1>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. </FONT></P>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
<B>MGP INGREDIENTS, INC.</B></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Date: May 5, 2004</FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
By:<U>/s/&nbsp;Laidacker M. Seaberg
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
</TR>
<TR VALIGN=TOP>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laidacker M. Seaberg<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>

<BR><BR><BR>

<!-- MARKER PAGE="sheet: 2; page: 2" -->
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
INDEX TO EXHIBITS </FONT></H1>

<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
99.1</B></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Press Release dated May 5, 2004, furnished solely for the purpose of incorporation by
reference into Items 9 and 12 herein.</FONT></TD></TR>
</TABLE>

<BR><BR><BR><BR><BR><BR><BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>News Release</TITLE>
</HEAD>
<BODY>
<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR>
<TD WIDTH=50% ALIGN=LEFT VALIGN=TOP><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
<IMG SRC="graphic1.jpg"><BR>
1300 Main Street, P.O. Box 130&nbsp;&#149;&nbsp;Atchiston, Kansas 66002-0130<BR>
913.367.1480&nbsp;&#149;&nbsp;800.255.0302&nbsp;&#149;&nbsp;Fax 913.367.0192<BR>
www.mgpingredients.com&nbsp;&#149;&nbsp;Symbol/Market: MGPI/NASDAQ</FONT></TD>
<TD WIDTH=50% ALIGN=RIGHT VALIGN=MIDDLE><FONT FACE="Arial, Helvetica, Serif" SIZE=7>
NEWS&nbsp;&nbsp;<BR>
RELEASE</FONT></TD>
</TR>
</TABLE>

<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
Contact:&nbsp;&nbsp;Steve Pickman at 913-367-1480</FONT></P><BR><BR>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
FOR IMMEDIATE RELEASE:</FONT></TD>
<TD WIDTH="70%"><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>
MGPI REPORTS SIGNIFICANTLY IMPROVED THIRD<BR>
QUARTER RESULTS VERSUS YEAR AGO; RAISES<BR>
FISCAL 2004 EARNINGS GUIDANCE</B></FONT></TD></TR>
</TABLE>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ATCHISON, Kan., May 5, 2004&#151;MGP Ingredients, Inc. (MGPI/Nasdaq) today reported significantly
improved financial results for the third quarter of fiscal 2004 compared to the same
period the prior year. The company today also raised its earnings guidance for all 12
months of fiscal 2004 to earnings of $1.30 to $1.35 per share from a previously announced
range of $1.00 to $1.10 per share. Ladd Seaberg, president and chief executive officer,
cited the company&#146;s performance to date combined with expectations of &#147;a very
strong fourth quarter&#148; as the basis for the adjusted earnings guidance. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The company&#146;s net income in the current year&#146;s third quarter, which ended March 31,
2004, was $1,999,000, or 26 cents per share, on sales of $75,215,000. For the third
quarter of fiscal 2003, MGPI had a net loss of $312,000, or 4 cents per share, on sales of
$52,536,000. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the first nine months of
fiscal 2004, the company posted net income of $6,303,000, or 82
cents per share, on sales of $191,678,000. That compares to net income of $6,526,000, or
81 cents per share, on sales of $139,843,000 for the prior year&#146;s first nine months.
However, earnings for the first nine months of fiscal 2003 were principally due to $13
million in non-operating income ($7.9 million after the effects of income taxes) resulting
from the recognition of insurance proceeds in excess of the net recorded costs of assets
that were destroyed in the September 13, 2002 distillery explosion at MGPI&#146;s
Atchison, Kansas plant. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The improvement in the
company&#146;s third quarter performance versus a year ago was driven
by a 123 percent increase in sales of specialty ingredients, consisting primarily of
specialty wheat proteins and starches. This increase overwhelmingly offset a 4 percent
decline in combined sales of commodity proteins and starches. As a result, total sales in
the company&#146;s ingredients segment in the third quarter amounted to $29,651,000, which
is more than double the $14,699,000 in total ingredient sales that the company experienced
in the third quarter of fiscal 2003. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Our strategy to focus
efforts and resources on growing the ingredients side of our business is
becoming increasingly successful as demonstrated by the significantly improved results we
are seeing in this segment,&#148; Seaberg said. &#147;We indeed are realizing our vision
of being a customer-centric provider of value-added ingredient solutions to the
marketplace.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company&#146;s third quarter
growth in specialty ingredients compared to a year ago came in the food and pet
product areas. &#147;Strong demand for foods that are high in protein
and lower in available carbohydrates was the primary reason for a near quadrupling of
sales of our Arise&reg; line of wheat protein isolates versus last year&#146;s third
quarter and the rapid acceleration that we experienced in sales of our FiberStar&#153; 70
resistant wheat starch,&#148; said Mike Trautschold, executive vice president of marketing
and sales. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A series of recently announced
capacity improvement projects to boost the production of FiberStar 70&#153;, which
the company introduced to the market earlier this fiscal year,
is scheduled to be fully completed by this July. A portion of these projects was completed
in early April, enabling the company to &#147;proceed with efforts to meet increased
customer needs in the current quarter,&#148; Trautschold stated. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As recently announced, MGPI
additionally has begun marketing a new potato-based resistant starch for use in high fiber
and reduced carbohydrate food applications. Called MGPI FiberStar&#153; 80 ST, this new
ingredient is being produced under terms of an agreement which the company has entered
into with Penford Corporation. </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
-more- </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
ADD 1&#151;MGPI REPORTS SIGNIFICANTLY IMPROVED 3<SUP>RD</SUP> QUARTER RESULTS </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to this agreement,
Penford is manufacturing the new potato-based starch for the company
using a patented process that is exclusively licensed to MGPI. &#147;This arrangement
further strengthens our efforts to address increased market demand through the extension
and diversification of our resistant starch ingredient solutions,&#148; Trautschold said. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The company&#146;s resistant starch products &#147;continue to generate an enthusiastic
response from our customers as they formulate offerings to meet consumer demand for
reduced carbohydrate diet foods,&#148; Trautschold said. &#147;Simultaneously,&#148; he
added, &#147;we see increased interest in these types of starches as products are
developed to meet the needs of a growing diabetic market in the U.S.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales
of the company&#146;s Wheatex&reg; line of textured wheat proteins increased by more than
four times the level reached in the prior year&#146;s third quarter. According to
Trautschold, this increase was due to &#147;heightened market recognition of the unique
functional qualities and taste benefits that Wheatex&reg; provides in various grain-based
food formulations as well as meat analog and meat extension applications.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the pet area, the company&#146;s Polytriticum&reg; resins experienced a 37 percent climb
in sales compared to the third quarter of fiscal 2003. &#147;This increase,&#148;
Trautschold said, &#147;was largely due to strengthened demand for the resins for use in
manufacturing nutritional pet chews.&#148; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to their use in pet-related applications, the Polytriticum&reg; resins include a
line which the company continues to develop for use in creating environmentally-friendly
bio-based products. &#147;While this line is yet to be commercialized in any appreciable
sense, we remain optimistic about its future potential in providing a viable alternative
to certain non-renewable, non-degradable products,&#148; Trautschold said. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total sales in the company&#146;s distillery products segment increased by slightly more than 20
percent to $45,564,000 in the current year&#146;s third quarter compared to distillery
sales of $37,827,000 for the same period the prior year. This increase was principally
attributable to a 35 percent increase in sales of fuel grade alcohol and a nearly 23
percent increase in food grade alcohol. Sales of the company&#146;s distillers feed, the
principal by-product of the alcohol production process, were just slightly higher than a
year ago. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Business interruption proceeds received by the company as compensation for the effects of the
September, 2002 distillery explosion amounted to $909,000 in the current year&#146;s third
quarter and were allocated to the distillery products segment. Additionally, the company
recorded approximately $596,000 (net of income tax) during the third quarter from a
previously announced United States Department of Agriculture program to provide cash
incentives to ethanol producers<I>.</I> </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Third quarter selling prices for both food grade and fuel grade alcohol improved compared to a
year ago,&#148; Trautschold said. &#147;Although prices for fuel grade alcohol were down
slightly compared to the current year&#146;s second quarter, they have risen since the end
of the third quarter,&#148; he noted. Trautschold added that food grade alcohol prices on
average &#147;have also increased&#148; since the end of the third quarter. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The company&#146;s energy costs in this year&#146;s third quarter were approximately even with
energy costs experienced during the same period last year. However, prices for wheat and
corn, the company&#146;s principal raw materials, rose by 4 percent and 9 percent,
respectively, compared to last year&#146;s third quarter. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Seaberg noted that the company&#146;s earning guidance is based on many assumptions and factors,
including those relating to grain prices, energy costs, product pricing and competitive
environment, and that any changes in such assumptions and factors could produce material
differences in results than those predicted. He also noted that results could be affected
by the recovery of larger than previously recorded insurance recoveries and the imposition
of fines in pending environmental proceedings. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
This news release contains forward-looking statements as well as historical
information. Forward-looking statements are identified by or are associated with
such words as &#147;intend,&#148; &#147;believe,&#148; &#147;estimate,&#148;
&#147;expect,&#148; &#147;anticipate,&#148; &#147;hopeful,&#148; &#147;should,&#148;
&#147;may&#148; and similar expressions. They reflect management&#146;s current
beliefs and estimates of future economic circumstances, industry conditions, company
performance and financial results and are not guarantees of
future performance. The forward-looking statements are based on many assumptions and
factors, including those relating to grain prices, gasoline prices, energy costs, product
pricing, competitive environment and related marketing conditions, operating efficiencies,
access to capital, actions of governments or government officials and actions of insurers.
Any changes in the assumptions or factors could produce materially different results than
those predicted and could impact stock values.</B> </FONT></P>

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>
###</FONT></P>

<BR><BR><BR><BR><BR><BR><BR>


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<HR SIZE=5 COLOR=GRAY NOSHADE>

<P ALIGN=LEFT><FONT FACE="Arial, Helvetica, Serif" SIZE=2>
<B>MGP INGREDIENTS, INC.</B></FONT></P>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Serif" SIZE=2><B>
CONSOLIDATED STATEMENT OF EARNINGS</B></FONT></TD>
<TD WIDTH="50%">
&nbsp;&nbsp;</TD></TR>
</TABLE>
<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
(unaudited)</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;Three Months Ended March 31</B></FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;Nine Months Ended March 31</B></FONT></TD></TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
(Dollars in thousands, except per share)</FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004</B></FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003</B></FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004</B></FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003</B></FONT></TD></TR>
</TABLE>
<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="6">
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
NET SALES</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
75,215</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
52,536</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
191,678</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
139,843</FONT></TD>
</TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
COST OF SALES</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1"><U><B>68,312</B></U> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1"><U>55,502</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1"><U><B>177,950</B></U> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1"><U>145,127</U> </FONT></TD>
</TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
GROSS PROFIT (LOSS)</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;6,903</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
(2,966)</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;13,728</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;(5,284)</FONT></TD></TR>

<TR>
<TD WIDTH="40%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES</FONT> </TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;4,426</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;3,384</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;13,326</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;10,111</FONT></TD></TR>

<TR >
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
OTHER OPERATING INCOME</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>&nbsp;&nbsp;<U>1,244</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">&nbsp;&nbsp;<U>6,112</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>&nbsp;&nbsp;<U>10,718</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">&nbsp;&nbsp;<U>13,806</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
INCOME (LOSS) FROM OPERATIONS</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;3,721</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;&nbsp;(238)</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;11,120</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;(1,589)</FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
OTHER INCOME (LOSS) NET</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;&nbsp;(142)</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106)</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;13,302</FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
INTEREST EXPENSE</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;<U>(275)</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;<U>(301)</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>(817)</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>(927)</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
INCOME (LOSS) BEFORE INCOME TAXES</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;3,304</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;(516)</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;10,408</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;10,786</FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
PROVISION (CREDIT)FOR INCOME TAXES</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;<U>1,305</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD><TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">&nbsp;&nbsp;&nbsp;<U>(204)</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;<U>4,105</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;<U>4,260</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
NET INCOME (LOSS)</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;<U>1,999</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;<U>(312)</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;<U>6,303</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;<U>6,526</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
OTHER COMPREHENSIVE INCOME (LOSS)</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;<U>(142)</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>(123)</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%">
<FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>(750)</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
COMPREHENSIVE INCOME (LOSS)</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;1,999</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;&nbsp;&nbsp;(454)</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;&nbsp;&nbsp;6,180</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;&nbsp;&nbsp;5,776</FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
BASIC EARNINGS PER COMMON SHARE</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;<U>0.26</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;<U>(0.04)</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>0.82</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>0.81</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
DILUTED EARNINGS PER COMMON SHARE</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;<U>0.25</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;<U>(0.04)</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>0.80</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>0.81</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
DIVIDENDS PER COMMON SHARE</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;<U>0.00</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>0.00</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>0.15</U></B> </FONT> </TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>0.15</U> </FONT></TD></TR>

<TR>
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1"><B>
&nbsp;&nbsp;</B> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="13%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="40%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Weighted average shares outstanding</FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B> 7,752,627 </B></FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B> 7,950,774 </B> </FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;<B>7,692,317</B> </FONT></TD>
<TD WIDTH="15%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<B>8,016,847</B></FONT></TD></TR>
</TABLE>

<BR><BR><BR>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="50%"><FONT FACE="Arial, Helvetica, Serif" SIZE=2><B>
CONSOLIDATED BALANCE SHEETS</B></FONT></TD>
<TD WIDTH="50%">
&nbsp;&nbsp;</TD></TR>
</TABLE>
<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
(unaudited)</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
Mar. 31</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
June 30</B></FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
(unaudited)</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
Mar. 31</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
June 30</B></FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
(Dollars in thousands)</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;<B>2004</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;<B>2003</B></FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
(Dollars in thousands)</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;2004</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;<B>2003</B></FONT></TD></TR>
</TABLE>
<HR SIZE=1 NOSHADE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
ASSETS</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;LIABILITIES AND</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1><B>
&nbsp;&nbsp;&nbsp;STOCKHOLDERS'EQUITY</B></FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
CURRENT ASSETS:</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;&nbsp;CURRENT LIABILITIES:</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="10%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="5">
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Cash and cash equivalents</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;8,653</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
17,539</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Current maturities of long-term debt</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;3,201</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;3,201</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Receivables</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
31,856</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
20,466</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Accounts payable</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
13,193</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;9,729</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Inventories</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
30,045</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
26,956</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Accrued expenses</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;4,905</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;3,604</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Deferred income taxes</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;241</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Prepaid expenses</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;1,534</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;1,578</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Deferred income</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
<U>13,030</U></FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
<U>14,323</U></FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Deferred income taxes</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Income taxes receivable</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;<U>949</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;<U>3,086</U> </FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;Total Current Liabilities</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
34,570</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
31,098</FONT></TD></TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="5">
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Total Current Assets</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp; 73,037</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;69,625</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
Property and equipment, <SMALL>At Cost</SMALL> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
287,533</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
263,990</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="5">
<TR VALIGN="TOP">
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="28%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Less accumulated depreciation</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<U>183,306</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<U>172,186</U> </FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
LONG-TERM DEBT</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
12,262</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
15,232</FONT></TD></TR>
</TABLE>

<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="5">
<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
Property and Equipment, Net</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
104,227</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;91,804</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
POST-RETIREMENT BENEFITS</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;5,953</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;5,780</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
Insurance Receivable</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;&nbsp;&nbsp;4,861</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>&nbsp;&nbsp;11,515</FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
DEFERRED INCOME TAXES</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
15,802</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
15,802</FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
OTHER ASSETS</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>92</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>186</U> </FONT></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
STOCKHOLDERS' EQUITY</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"> <FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<U>113,620</U> </FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
<U>105,218</U> </FONT></TD></TR>

<TR VALIGN="TOP">
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE="1">
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
182,217</FONT><HR SIZE="3" NOSHADE="NOSHADE"></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
173,130</FONT><HR SIZE="3" NOSHADE="NOSHADE"></TD>
<TD WIDTH="30%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
&nbsp;&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%">  <FONT FACE="Arial, Helvetica, Serif" SIZE=1>
182,217</FONT><HR SIZE="3" NOSHADE="NOSHADE"></TD>
<TD WIDTH="2%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
$</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Arial, Helvetica, Serif" SIZE=1>
173,130</FONT><HR SIZE="3" NOSHADE="NOSHADE"></TD></TR>


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end

</TEXT>
</DOCUMENT>
</SUBMISSION>
