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<SEC-DOCUMENT>0001107049-03-000274.txt : 20030530
<SEC-HEADER>0001107049-03-000274.hdr.sgml : 20030530
<ACCEPTANCE-DATETIME>20030530121745
ACCESSION NUMBER:		0001107049-03-000274
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20030522
ITEM INFORMATION:		Financial statements and exhibits
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20030530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MILLER INDUSTRIES INC /TN/
		CENTRAL INDEX KEY:			0000924822
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCK & BUS BODIES [3713]
		IRS NUMBER:				621566286
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14124
		FILM NUMBER:		03725008

	BUSINESS ADDRESS:	
		STREET 1:		8503 HILLTOP DR
		STREET 2:		STE 100
		CITY:			OOLTEWAH
		STATE:			TN
		ZIP:			37363
		BUSINESS PHONE:		4232384171

	MAIL ADDRESS:	
		STREET 1:		8503 HILLTOP DR
		STREET 2:		STE 100
		CITY:			OOLTEWAH
		STATE:			TN
		ZIP:			37363
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>miller522_8k.htm
<DESCRIPTION>8-K
<TEXT>
<html>
<head><meta content="text/html; charset=iso-8859-1">
<title>Miller Industries, Inc. Current Report on Form 8-K</title>
</head>

<body >
<ul>
</ul>

<p align="center">
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C.  20549<p align="center">
&nbsp;<div>
  <div align="center">
    <center>
    <table border="1" cellspacing="0" cellpadding="0" bordercolor="#000000" style="border-collapse: collapse; border-left-width:0; border-right-width:0">
<tr valign="top">
<th width="143.999964" colspan="1" rowspan="1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium" >
<p align="center" style="margin-top: 10; margin-bottom: 10">
<b>FORM 8-K</b></p align="center">
</th>
</tr>
</table></center>
  </div>
</div>
<p align="center">
CURRENT REPORT<p align="center">
Pursuant to Section 13 or 15(d) of the<br>Securities Exchange Act of
1934<p align="center">
Date of Report (Date of Earliest Event Reported):  May 22,
2003</p align="center">
<div>
  <div align="center">
    <center>
    <table border="1" cellspacing="0" cellpadding="0" bordercolor="#000000" style="border-collapse: collapse; border-left-width: 0; border-right-width: 0; border-bottom-width: 0" width="384">
<tr valign="top">
<th width="384" colspan="1" rowspan="1" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3"><b>MILLER INDUSTRIES, INC.</b></font></p>
</th>
</tr>
<tr valign="top">
<th width="384" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
(Exact name of Registrant as Specified in its Charter)</p align="center">
</th>
</tr>
</table></center>
  </div>
</div>
<p>
</p align="center">
<div align="center">
  <table border="1" cellspacing="0" cellpadding="0" bordercolor="#000000" style="border-collapse: collapse; border-width: 0">
<tr valign="top">
<td width="231.999942" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">Tennessee</font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="191.999952" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">001-14124</font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="135.999966" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">62-1566286</font></p>
</td>
</tr>
<tr valign="top">
<td width="231.999942" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
(State or other Jurisdiction of</p align="center">
</td>
<td width="23.999994" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="191.999952" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
(Commission File Number)</p align="center">
</td>
<td width="23.999994" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="135.999966" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
(IRS Employer</p align="center">
</td>
</tr>
<tr valign="top">
<td width="231.999942" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
Incorporation or Organization)</p align="center">
</td>
<td width="23.999994" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="191.999952" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="23.999994" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="135.999966" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
Identification No.)</p align="center">
</td>
</tr>
</table></div>
<p>
</p align="center">
<div align="center">
  <table border="1" cellspacing="0" cellpadding="0" bordercolor="#000000" style="border-collapse: collapse; border-width: 0">
<tr valign="top">
<td width="246.666605" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
8503 Hilltop Drive</p align="center">
</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="246.666605" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
Suite 100</p align="center">
</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="246.666605" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">Ooltewah, TN</font></p>
</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">37363</font></p>
</td>
</tr>
<tr valign="top">
<td width="246.666605" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
(Address of principal executive offices)</p align="center">
</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
&nbsp;</td>
<td width="85.333312" colspan="1" rowspan="1" style="border-style: none; border-width: medium" >
<p align="center">
(Zip Code)</p align="center">
</td>
</tr>
</table></div>
<p>
Registrant&#8217;s telephone number, including area code:  (423)
238-4171</p align="center">
<div align="center"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="423.999894" colspan="1" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="3">Not Applicable</font></p>
</td>
</tr>
<tr valign="top">
<td width="423.999894" colspan="1" rowspan="1" >
<p align="center">
(Former name or former address, if changed since last report)</p align="center">
</td>
</tr>
</table></div>
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5">
  <hr size="1" color="#000080" STYLE="page-break-after: always"> </div>
<p>
<b>ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA INFORMATION AND EXHIBITS.</b></p>
<div>
  <table border=0 cellpadding=7 cellspacing =0 style="border-collapse: collapse" bordercolor="#111111" >
<tr valign="top">
<td width="34.666658" colspan="1" rowspan="1" >
<p>
(a)</p>
</td>
<td width="602.666516" rowspan="1" >
<p>
Financial Statements of Businesses Acquired.</p>
</td>
</tr>
<tr valign="top">
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="602.666516" rowspan="1" >
<p>
None.</p>
</td>
</tr>
<tr valign="top">
<td width="34.666658" colspan="1" rowspan="1" >
<p>
(b)</p>
</td>
<td width="602.666516" rowspan="1" >
<p>
Pro Forma Financial Information.</p>
</td>
</tr>
<tr valign="top">
<td width="34.666658" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="602.666516" rowspan="1" >
<p>
None.</p>
</td>
</tr>
<tr valign="top">
<td width="34.666658" colspan="1" rowspan="1" >
<p>
(c)</p>
</td>
<td width="602.666516" rowspan="1" >
<p>
Exhibits.</p>
</td>
</tr>
</table></div>
<p>
</p>
<div><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="106.666640" colspan="1" rowspan="1" >
<p align="center">
<b><u>Exhibit No.</u></b></p>
</td>
<td width="511.999872" colspan="1" rowspan="1" >
<p align="center">
<b><u>Description</u></b></p>
</td>
</tr>
<tr valign="top">
<td width="106.666640" colspan="1" >
&nbsp;</td>
<td width="511.999872" colspan="1" >
&nbsp;</td>
</tr>
<tr valign="top">
<td width="106.666640" colspan="1" rowspan="1" >
<p align="center">
99.1</p align="center">
</td>
<td width="511.999872" colspan="1" rowspan="1" >
<p>
Press Release (furnished pursuant to Item 12 of Form 8-K, under Item 9 of this
Report)</p>
</td>
</tr>
<tr valign="top">
<td width="106.666640" colspan="1" rowspan="1" >
<p align="center">
99.2</p align="center">
</td>
<td width="511.999872" colspan="1" rowspan="1" >
<p>
Press Release (furnished pursuant to Item 12 of Form 8-K, under Item 9 of this
Report)</p>
</td>
</tr>
</table></div>
<p>
<p>
<b>ITEM 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGULATION FD DISCLOSURE</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Exchange Act Release
47583, Miller Industries, Inc. (&#8220;Miller Industries&#8221;) is furnishing
the information required by Item 12 of Form 8-K, &#8220;Results of Operations
and Financial Condition,&#8221; under this Item 9.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May 22, 2003, Miller Industries
issued the press releases furnished herewith as Exhibits 99.1 and 99.2
hereto.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this Report,
including the Exhibits attached hereto, is furnished solely pursuant to Item 12
of this Form 8-K.  Consequently, it is not deemed &#8220;filed&#8221; for the
purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise
subject to the liabilities of that section.  It may only be incorporated by
reference in another filing under the Exchange Act or Securities Act of 1993 if
such subsequent filing specifically references this Form 8-K.</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5"><b>&nbsp;</b><hr size="1" color="#000080" STYLE="page-break-after: always"> &nbsp; </div><p>
<p>
<b>SIGNATURES</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the
Securities and Exchange Act of 1934, the Registrant has duly caused this Report
to be signed on its behalf by the undersigned hereunto duly authorized.</p>
<div><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="318.666587" colspan="1" rowspan="1" >
&nbsp;</td>
<td width="318.666587" colspan="1" rowspan="1" >
<p>
<b>MILLER INDUSTRIES, INC.</b><p>
By:  <u>  /s/ Frank Madonia&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frank Madonia, Executive Vice President,<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secretary and General Counsel</td>
</tr>
<tr valign="top">
<td width="318.666587" colspan="1" rowspan="1" >
<p>
Date:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May&nbsp;30,
2003&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></p>
</td>
<td width="318.666587" colspan="1" rowspan="1" >
&nbsp;</td>
</tr>
</table></div>
<p>
</p align="center">
<p>
</p align="center">
<p>
</p align="center">
<p>
</p align="center">
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5">
  <hr size="1" color="#000080" STYLE="page-break-after: always"> </div><p>
<p align="center">
<b><u>Index to Exhibits</u></b><p align="center">
&nbsp;<p>
99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release<br>
99.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
Release</body></html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>exhibit_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>

<head>

<title>Exhibit 99.1</title>
</head>

<body>

<p align="right">
<b>EXHIBIT 99.1</b><p align="center">
<b>MILLER INDUSTRIES REPORTS CALENDAR YEAR 2002 FOURTH QUARTER</b><br><b> AND
YEAR END RESULTS</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHATTANOOGA, Tennessee, May 22, 2003 -
Miller Industries, Inc. (NYSE:MLR) today announced financial results for the
2002 fourth quarter and year ended December 31, 2002.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fourth quarter of 2002, net
sales from continuing operations were $53.3 million, compared with $53.9 million
in the fourth calendar quarter of 2001.  Fourth quarter 2002 income from
continuing operations was $1.2 million, or $0.13 per diluted share, compared
with a net operating loss of $(1.9) million, or ($0.20) per diluted share, in
the fourth quarter of 2001.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter ended December 31,
2002, the Company&#8217;s management and its board of directors made the
decision to divest its remaining towing services segment, as well as the
operations of the distribution group of the towing and recovery equipment
segment.  As a result, in accordance with generally accepted accounting
principles, the assets for the towing services segment and the distribution
group are considered a "disposal group" and the assets are no longer being
depreciated.  All assets and liabilities and results of operations associated
with these assets have been separately presented in the accompanying financial
statements.  The statements of operations and related financial statement
disclosures for all prior years have been restated to present the towing
services segment and the distribution group as discontinued operations separate
from continuing operations.  The discussions and analyses that follow are of
continuing operations, as restated, unless otherwise noted. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including a loss of $(23.6) million,
or $(2.52) per diluted share, after-tax, from discontinued operations, Miller
Industries reported a net loss for the calendar 2002 fourth quarter of $(22.3)
million, or <p>
$(2.39) per diluted share.  Including a loss from discontinued operations of
$(15.9) million, or $(1.70) per diluted share, after tax, the Company reported a
net loss for the 2001 fourth quarter of $(17.7) million, or $(1.90) per diluted
share.  The losses from discontinued operations in the fourth quarter of 2002
and 2001 include special or non-recurring charges, pre-tax, of $10.2 million and
$13.4 million from the towing services segment, and $1.6 million and $1.5
million from the distribution group, respectively.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the full calendar year ended
December 31, 2002, the Company reported net sales from continuing operations of
$203.1 million versus $219.0 million a year ago.  Income from continuing
operations for the full calendar year 2002 totaled $3.5 million, or $0.38 per
diluted share, before the cumulative effect of the change in accounting method
from FAS 142, compared to income from continuing operations of $5.6 million, or
$0.60 per diluted share for the full calendar year 2001.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including an after-tax loss from
discontinued operations of $(27.4) million, or $(2.93) per diluted share and the
cumulative effect of FAS 142, Miller Industries reported a net loss for the
calendar year ended 2002 of $(45.7) million, or $(4.89) per diluted share.
Including an after-tax loss from discontinued operations of $(25.9) million, or
$(2.78) per diluted share, the Company reported a net loss for the calendar year
ended 2001 of $(20.4) million, or $(2.18) per diluted share. The losses from
discontinued operations in 2002 and 2001 include special or non-recurring
charges, pre-tax, of $15.3 million and $13.2 million from the towing services
segment, and $2.5 million and $3.3 million from the distribution group,
respectively. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the 2002 fourth quarter, selling,
general and administrative expenses were $3.4 million, versus $4.7 million in
the prior year period, reflecting the Company&#8217;s ongoing focus on operating
cost control.  Interest expense in the fourth quarter of calendar 2002 declined
to $253,000 from $1.6 million in the year ago fourth quarter.  This reduction in
interest expense reflects lower borrowing levels in the continuing operations,
as the Company has consistently been paying down its debt.
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5">
  <hr size="1" color="#000080" STYLE="page-break-after: always"> </div>  <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey I. Badgley, President and CEO
of Miller Industries, commented, &#8220;The trends we witnessed in the first
three quarters of 2002 continued into the fourth quarter.  Purchasing decisions
by our customers continued to be affected by higher operating costs and tight
credit markets, effectively pushing out the timeline on these decisions.
However, our focus on increasing efficiencies has been effective in allowing the
Company to reduce SG&amp;A and enhance the profitability of our
operations.&#8221;<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Badgley concluded, &#8220;During
the quarter we continued our efforts to exit the towing services market.  At the
end of March 2003, the Company had sold or closed 100 RoadOne terminals and had
14
terminals remaining to be sold.  We have used the proceeds of these sales to pay
down debt and strengthen our balance sheet.  Looking ahead to 2003, we will
continue to concentrate on our core manufacturing operations, an area in which
we see the greatest growth potential over the long term.  We have maintained our
position as the world&#8217;s largest producer of towing and recovery equipment,
and going forward our focus will be to leverage our position in the
marketplace.&#8221;<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In February and April of 2003, the
Company entered into the Fifth and Sixth Amendments to the Senior Credit
Facility, which revised the RoadOne revolving commitment,
by extending for one year to March 31, 2004 the time for the reduction thereof
to $-0.  At April 30, 2003, the actual balance under the RoadOne Revolving line
of credit was approximately $7.5 million. The Amendment also extended the time
for required delivery of the Company&#8217;s annual financial reports for the fiscal year
ended December 31, 2002 and certain
related items from March 31, 2003 to April 30, 2003.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s Junior Credit
Facility matures on July 23, 2003 and all outstanding principal and accrued
interest under the facility becomes due and payable on that date.  As previously
announced, the Company is seeking to extend the maturity date of and/or
refinance the amount outstanding under the Junior Credit Facility, and has
engaged in discussions with its senior and junior lenders regarding such
extension and/or refinancing.  However, there can be no assurance that the
Company will be able to extend the maturity date or obtain such financing on
terms favorable to the Company, if at all.  If the Company is unable to
refinance the outstanding portion of the Junior Credit Facility, the failure to
pay such amounts when due would constitute an event of default under both the
Junior Credit Facility and the Senior Credit Facility.  In the event of such a
default, the senior lender agent would be entitled to prevent the junior lender
agent from taking any enforcement action against the Company for up to 270 days
after the date the junior lender agent gives notice of enforcement to the
Company. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primarily because of the potential
default in July 2003, the Company&#8217;s independent auditors have included a
&#8220;going concern&#8221; explanatory paragraph in their annual audit report.
The Company is therefore currently in default under both the Senior and Junior
Credit Facilities as a result of the &#8220;going concern&#8221; explanatory
paragraph as well as the failure to file its Annual Report prior to April 30,
2003.  Additionally, the Company is in default of the EBITDA covenant under the
Junior Credit Facility only for the first quarter of calendar 2003.  The Company
is currently not pursuing a waiver of these defaults or an amendment to the
Credit Facilities to cure these defaults.  The Company has had informal
discussions with its creditors and believes based on these discussions that the
Senior and Junior lender agents will not take action against the Company as a
result of these defaults.  However, there can be no assurance that they will not
pursue action in the future as a result of these defaults or any other default
under the Credit Facilities.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with this release,
Miller Industries will host a conference call, which will be simultaneously
broadcast live over the Internet.  Management will host the call, which is
scheduled for May 23<sup>rd</sup>, 2003 at 10:00 AM
EDT.  Listeners can access the conference call live and archived over the
Internet through a link at <u><font color="#0000FF">http://www.firstcallevents.com/service/ajwz382287104gf12.html</font><font color="#0000ff">.</font></u>&nbsp;
Please allow 15 minutes prior to the call to visit the site and download
and install any necessary audio software.  A replay of this call will be
available approximately one hour after the live call ends through May 28, 2003.
The replay number is 800-642-1687, passcode 911832<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5">
  <hr size="1" color="#000080" STYLE="page-break-after: always"> </div><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miller Industries is the world&#8217;s
leading integrated provider of vehicle towing and recovery equipment.  The
Company markets its towing and recovery equipment under a number of
well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger,
Champion and Eagle.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for historical information
contained herein, the matters set forth in this news release are forward-looking
statements.  The Company noted that forward looking statements set forth above
involve a number of risks and uncertainties that could cause actual results to
differ materially from any such statement, including the risks and uncertainties
discussed under the caption &#8220;Risk Factors&#8221; in the Company&#8217;s
Form 10-K for fiscal 2001, which discussion is incorporated herein by this
reference.<p align="center">
- -TABLE FOLLOWS-</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5">
  <hr size="1" color="#000080" STYLE="page-break-after: always"> </div>
<p align="center">
<b>Miller Industries, Inc. and Subsidiaries<br>
Condensed Consolidated Statements of Operations<br>
(In thousands except per share data)</b><br>
<div style="position:relative; left: -5">
  <table border=0 cellpadding=0 cellspacing =0 style="border-collapse: collapse" bordercolor="#111111" >
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="203.999949" colspan="5" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>Three Months Ended</b></font><br><font size="2"><b>December
31,</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="214.666613" colspan="5" rowspan="1" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>Twelve Months Ended</b></font><br><font size="2"><b>December
31,</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" valign="bottom" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2002</b></font></p>
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2001</b></font></p>
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>%</b></font><br><font size="2"><b>Change</b></font></p>
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" valign="bottom" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2002</b></font></p>
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2001</b></font></p>
</td>
<td width="15.999996" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" valign="bottom" >
<p align="center" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>%</b></font><br><font size="2"><b>Change</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>NET SALES</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$53,324&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$53,859&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>1%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$203,059&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$218,979&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-7%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>COSTS AND EXPENSES:</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COSTS OF
OPERATIONS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>45,732&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>45,173&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>1%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>174,516&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>188,309&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-7%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SELLING, GENERAL,
AND</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATIVE
EXPENSES</b></font></p>
</td>
<td width="59.999985" valign="bottom" >
<p align="right">
<font size="2"><b>3,401&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" >
<p align="right">
<font size="2"><b>4,655&nbsp;</b></font></p align="right">
</td>


<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" >
<p align="right">
<font size="2"><b>-27%</b></font></p align="right">
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" valign="bottom" >
<p align="right">
<font size="2"><b>17,434&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" >
<p align="right">
<font size="2"><b>18,315&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" valign="bottom" >
<p align="right">
<font size="2"><b>-5%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPECIAL CHARGES AND
OTHER</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATING
EXPENSES (NET)</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>1,794&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-100%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>1,794&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-100%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST EXPENSE,
NET</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>253&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>1,606&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-84% </b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>4,368&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>3,690&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<p align="right">
<font size="2"><b>18%</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b><u>&nbsp;</u></b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" style="border-bottom-style: none; border-bottom-width: medium" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>TOTAL COSTS AND EXPENSES</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>49,386&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>53,228&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-7%</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>196,318&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>212,108&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" style="border-right-style: none; border-right-width: medium" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" style="border-style: none; border-width: medium" >
<p align="right">
<font size="2"><b>-7%</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" style="border-top-style: none; border-top-width: medium" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>INCOME (LOSS) BEFORE INCOME TAXES</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>3,938&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>631&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>524%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>6,741&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>6,871&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<p align="right">
<font size="2"><b>-2%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>INCOME TAX PROVISION (BENEFIT)</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2,690&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>2,486&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" style="border-bottom-style: none; border-bottom-width: medium" >
<p align="right">
<font size="2"><b>8%</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>3,217&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>1,295&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<p align="right">
<font size="2"><b>148%</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" style="border-top-style: none; border-top-width: medium" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>INCOME (LOSS) FROM
CONTINUING</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OPERATIONS</b></font></p>
</td>
<td width="59.999985" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>1,248&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>(1,855)</b></font></p align="right">
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" style="border-bottom-style: none; border-bottom-width: medium" >
<p align="right">
<font size="2"><b>-167%</b></font></p align="right">
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>3,524&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>5,576&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" valign="bottom" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" valign="bottom" >
<p align="right">
<font size="2"><b>-37%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >

<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" style="border-top-style: none; border-top-width: medium" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>DISCONTINUED OPERATIONS:</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>

<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS FROM DISCONTINUED
OPERATIONS,</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BEFORE
TAXES</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(22,462)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(16,485)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>36%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(26,146)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(26,555)</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<p align="right">
<font size="2"><b>-2%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAX PROVISION
(BENEFIT)</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>1,128&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(615)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>283%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>1,260&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(615)</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<p align="right">
<font size="2"><b>-305%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>LOSS FROM DISCONTINUED OPERATIONS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(23,590)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(15,870)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>49%</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(27,406)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(25,940)</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" >
<p align="right">
<font size="2"><b>-6%</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>LOSS BEFORE CUMULATIVE EFFECT
OF</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS BEFORE
CUMULATIVE EFFECT OF</b></font><p>
<font size="2"><b>CHANGE IN ACCOUNTING METHOD</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(22,342)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(17,725)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>26%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(23,882)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(20,364)</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-17%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>CUMULATIVE EFFECT OF CHANGE
IN</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING
METHOD</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(21,812)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-100%</b></font></p>
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>NET LOSS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$(22,342)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$(17,725)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>26%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$(45,694)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$(20,364)</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>124%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>BASIC INCOME (LOSS) PER COMMON SHARE:</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME FROM CONTINUING
OPERATIONS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
0.13&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;(0.20)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-167%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-37%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS FROM DISCONTINUED
OPERATIONS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;(2.52)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(1.70)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>49%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(2.93)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(2.78)</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-6%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUMULATIVE EFFECT OF
ACCOUNTING</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHANGE
</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(2.34)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>100%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIC LOSS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$    (2.39)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$   (1.90)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-26%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;(4.89)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;(2.18)</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>124%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>DILUTED INCOME (LOSS) PER COMMON SHARE:</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME FROM CONTINUING
OPERATIONS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;(0.20)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-167%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;0.38&nbsp;</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$ &nbsp;&nbsp;&nbsp;0.60&nbsp;</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-37%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS FROM DISCONTINUED
OPERATIONS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;(2.52)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(1.70)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>49%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(2.93)</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(2.78)</b></font></p align="right">
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>6% </b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>   CUMULATIVE EFFECT OF
ACCOUNTING</b></font><br><font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHANGE</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(2.34)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>--&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>100%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DILUTED LOSS</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$&nbsp;&nbsp;(2.39)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;(1.90)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-26%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;(4.89)</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>$&nbsp;&nbsp;&nbsp;(2.18)</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>124%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>WEIGHTED AVERAGE SHARES OUTSTANDING:</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIC</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,341&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,341&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,341&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,341&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="282.666596" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DILUTED</b></font></p>
</td>
<td width="59.999985" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,345&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,343&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="70.666649" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,345&nbsp;</b></font></p>
</td>
<td width="14.666663" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,345&nbsp;</b></font></p>
</td>
<td width="15.999996" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="54.666653" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
</tr>
</table></div>


</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>exhibit_992.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>

<head>
<title>EXHIBIT 99</title>
</head>

<body>

<p align="right">
<b>EXHIBIT 99.2</b><p align="center">
<b>MILLER INDUSTRIES REPORTS 2003 FIRST QUARTER RESULTS</b><p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHATTANOOGA, Tennessee, May 22, 2003 -
Miller Industries, Inc. (NYSE:MLR) today announced financial results for the
first quarter of 2003, which ended March 31, 2003.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the first quarter of 2003, net
sales from continuing operations were $40.7 million, compared with $47.8 million
in the first calendar quarter of 2002.  First quarter 2003 income from
continuing operations was $958,000, or $0.10 per diluted share, compared with
income from continuing operations of $1.2 million, or $0.12 per diluted share,
in the first quarter of 2002.  <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the quarter ended December 31,
2002, the Company&#8217;s management and its board of directors made the
decision to divest its remaining towing services segment, as well as the
operations of the distribution group of the towing and recovery equipment
segment.  As a result, in accordance with generally accepted accounting
principles, the assets for the towing services segment and the distribution
group are considered a "disposal group" and the assets are no longer being
depreciated.  All assets and liabilities and results of operations associated
with these assets have been separately presented in the accompanying financial
statements.  The statements of operations and related financial statement
disclosures for all prior years have been restated to present the towing
services segment and the distribution group as discontinued operations separate
from continuing operations.  The discussions and analyses that follow are of
continuing operations, as restated, unless otherwise noted. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including a loss of $(1.5) million, or
$(0.16) per diluted share, after-tax, from these discontinued operations, Miller
Industries reported a net loss for the 2003 first quarter of $(559,000), or
$(0.06) per diluted share, compared to a net loss for the 2002 first quarter of
$(22.0) million, or $(2.36) per diluted share.  The net loss for the first
quarter of 2002 includes a loss from discontinued operations of $(1.5) million,
or $(0.16) per diluted share, after tax, as well as a goodwill impairment charge
in the first calendar quarter of 2002 of ($21.8) million, or ($2.34) per basic
and diluted share after tax, relating to the Company&#8217;s adoption of FAS
142. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of operations in the first
quarter of 2003 was $34.8 million, compared to $40.9 million in the year-ago
period, due in part to improved manufacturing efficiencies versus a year ago, as
well as the decline in sales.  For the 2003 first quarter, selling, general and
administrative expenses were $3.9 million, versus $4.2 million in the prior year
period, reflecting the Company&#8217;s ongoing focus on operating cost control.
Interest expense in the first quarter of 2003 was $0.8 million, compared to $0.7
million in the year-ago first quarter. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey I. Badgley, President and CEO
of Miller Industries, commented, &#8220;Our sales in the first quarter continued
to be affected by similar conditions we saw in the fourth quarter of 2002, with
our customers&#8217; purchasing decisions being influenced by higher operating
costs and tight credit markets.  In addition, the war with Iraq during the
quarter also had a negative effect on sales.  These factors combined to lengthen
our sales cycle and extend purchasing decisions by our customer base, with
operational efficiencies offsetting some of the slowdown in sales.&#8221;<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Badgley concluded, &#8220;Looking
ahead to the coming quarters of 2003, we have begun to see an improvement in our
markets, with a decline in gasoline pricing and stronger product demand in
April.  While still preliminary, we will continue to manage our costs to
maximize operational efficiencies, and leverage our position in the marketplace,
positioning us to capitalize on any improvement that materializes in this
environment.&#8221;<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5">
  <hr size="1" color="#000080" STYLE="page-break-after: always"> </div>  <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s Junior Credit
Facility matures on July 23, 2003 and all outstanding principal and accrued
interest under the facility becomes due and payable on that date.  As previously
announced, the Company is seeking to extend the maturity date of and/or
refinance the amount outstanding under the Junior Credit Facility, and has
engaged in discussions with its senior and junior lenders regarding such
extension and/or refinancing.  However, there can be no assurance that the
Company will be able to extend the maturity date or obtain such financing on
terms favorable to the Company, if at all.  If the Company is unable to
refinance the outstanding portion of the Junior Credit Facility, the failure to
pay such amounts when due would constitute an event of default under both the
Junior Credit Facility and the Senior Credit Facility.  In the event of such a
default, the senior lender agent would be entitled to prevent the junior lender
agent from taking any enforcement action against the Company for up to 270 days
after the date the junior lender agent gives notice of enforcement to the
Company. <p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primarily because of the potential
default in July 2003, the Company&#8217;s independent auditors have included a
&#8220;going concern&#8221; explanatory paragraph in their annual audit report.
The Company is therefore currently in default under both the Senior and Junior
Credit Facilities as a result of the &#8220;going concern&#8221; explanatory
paragraph as well as the failure to file its Annual Report prior to April 30,
2003. Additionally, the Company is in default of the EBITDA covenant under the
Junior Credit Facility only for the first quarter of calendar 2003.  The Company
is currently not pursuing a waiver of these defaults or an amendment to the
Credit Facilities to cure these defaults.  The Company has had informal
discussions with its creditors and believes based on these discussions that the
Senior and Junior lender agents will not take action against the Company as a
result of these defaults.  However, there can be no assurance that they will not
pursue action in the future as a result of these defaults or any other default
under the Credit Facilities.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with this release,
Miller Industries will host a conference call, which will be simultaneously
broadcast live over the Internet.  Management will host the call, which is
scheduled for today, May 22, 2003 at 10:00 AM EDT.  Listeners can access the
conference call live and archived over the Internet through a link at <u>
<font color="#0000FF">http://www.firstcallevents.com/service/ajwz382287104gf12.html</font></u><font color="#0000ff">.
</font>Please allow 15 minutes prior to the call to visit the site and download
and install any necessary audio software.  A replay of this call will be
available approximately one hour after the live call ends through May 28, 2003.
The replay number is 800-642-1687, passcode 911832<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miller Industries is the world&#8217;s
leading integrated provider of vehicle towing and recovery equipment.  The
Company markets its towing and recovery equipment under a number of
well-recognized brands, including Century, Vulcan, Chevron, Holmes, Challenger,
Champion and Eagle.<p>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for historical information
contained herein, the matters set forth in this news release are forward-looking
statements.  The Company noted that forward looking statements set forth above
involve a number of risks and uncertainties that could cause actual results to
differ materially from any such statement, including the risks and uncertainties
discussed under the caption &#8220;Risk Factors&#8221; in the Company&#8217;s
Form 10-K for fiscal 2002, which discussion is incorporated herein by this
reference.<p align="center">
- - TABLE FOLLOWS -</p align="center">
<p>
</p align="center">
<div align="center" color="#000080" style="position:relative; left: -5">
  <hr size="1" color="#000080" STYLE="page-break-after: always"> </div>
<div style="position:relative; left: -1"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="695.999826" colspan="1" rowspan="1" >
<p align="center">
<b>Miller Industries, Inc. and Subsidiaries</b></p align="center">
</td>
</tr>
<tr valign="top">
<td width="695.999826" colspan="1" rowspan="1" >
<p align="center">
<b>Condensed Consolidated Statements of Income</b></p align="center">
</td>
</tr>
<tr valign="top">
<td width="695.999826" colspan="1" rowspan="1" >
<p align="center">
<b>(In thousands except per share data)</b></p align="center">
</td>
</tr>
</table></div>
<div style="position:relative; left: -1"><table border=0 cellpadding=0 cellspacing =0 >
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="55.999986" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="59.999985" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="95.999976" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="5.333332" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
</table></div>
<div style="position:relative; left: -1">
  <table border=0 cellpadding=0 cellspacing =0 style="border-collapse: collapse" bordercolor="#111111" >
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="285.333262" colspan="11" rowspan="1" >
<p align="center">
<font size="2"><b>Three Months Ended</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="285.333262" colspan="11" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="center">
<font size="2"><b>March 31,</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="81.333313" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p align="center">
<font size="2"><b>% </b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="81.333313" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="center">
<font size="2"><b>2003</b></font></p align="center">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="center">
<font size="2"><b>2002</b></font></p align="center">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="center">
<font size="2"><b>Change</b></font></p align="center">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>NET SALES</b></font></p>
</td>
<td width="21.333328" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p>
<font size="2"><b> $</b></font></p>
</td>
<td width="59.999985" colspan="3" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p align="right">
<font size="2"><b>40,742&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="11.999997" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p>
<font size="2"><b>$</b></font></p>
</td>
<td width="59.999985" colspan="3" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p align="right">
<font size="2"><b> 47,805&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p align="right">
<font size="2"><b>-15%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>COSTS AND EXPENSES:</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COST OF
OPERATIONS</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>34,815&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>40,911&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-15%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SELLING, GENERAL
AND</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>3,882&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>4,206&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-8%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMINISTRATIVE
EXPENSES</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INTEREST EXPENSE,
NET</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>754&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>700&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>8%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>TOTAL COSTS AND EXPENSES</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>39,451&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>45,817&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-14%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="81.333313" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>INCOME (LOSS) BEFORE INCOME TAXES</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>1,291&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>1,988&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-35%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>INCOME TAX PROVISION (BENEFIT)</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>333&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>764&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-56%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>INCOME (LOSS) FROM CONTINUING OPERATIONS</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>958&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>1,224&nbsp;</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-22%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="81.333313" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>DISCONTINUED OPERATIONS:</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS FROM DISCONTINUED
OPERATIONS, BEFORE TAXES</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>(1,942)</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>(1,959)</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-1%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME TAX PROVISION
(BENEFIT)</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>(425)</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-bottom-style: solid; border-bottom-width: 1" >
<p align="right">
<font size="2"><b>(500)</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-15%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS FROM DISCONTINUED
OPERATIONS</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p align="right">
<font size="2"><b>(1,517)</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<p align="right">
<font size="2"><b>(1,459)</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>4%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="81.333313" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>LOSS BEFORE CUMULATIVE EFFECT OF</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>CHANGE IN ACCOUNTING
METHOD</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" style="border-bottom-style: double" >
<p align="right">
<font size="2"><b> (559)</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-bottom-style: double" >
<p align="right">
<font size="2"><b>(235)</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>138%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="81.333313" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" style="border-top-style: solid; border-top-width: 1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUMULATIVE EFFECT OF CHANGE
IN</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCOUNTING
METHOD</b></font></p>
</td>
<td width="81.333313" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b> -- </b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<p align="right">
<font size="2"><b>(21,812)</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-100%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="81.333313" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>NET (LOSS) INCOME PER COMMON SHARE</b></font></p>
</td>
<td colspan="2" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b> $</b></font></p>
</td>
<td colspan="2" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>(559)</b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="2" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="2" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>(22,047)</b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-97%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>BASIC INCOME (LOSS) PER COMMON SHARE:</b></font></p>
</td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME FROM CONTINUING
OPERATIONS</b></font></p>
</td>
<td colspan="3" rowspan="1" >
<p>
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0.10&nbsp;</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p>
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0.12 </b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-16%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS FROM DISCONTINUED
OPERATIONS</b></font></p>
</td>
<td colspan="3" rowspan="1" >
<p>
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(0.16)</b></font></p align="right">
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p>
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>(0.16)</b></font></p align="right">
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUMULATIVE EFFECT OF ACCOUNTING
CHANGE</b></font></p>
</td>
<td colspan="4" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b> -- </b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b>(2.34)</b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-100%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIC INCOME (LOSS) PER COMMON
SHARE</b></font></p>
</td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>(0.06)</b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b> (2.36)</b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-97%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>DILUTED INCOME (LOSS) PER COMMON SHARE:</b></font></p>
</td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INCOME FROM CONTINUING
OPERATIONS</b></font></p>
</td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>0.10&nbsp;</b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>0.12&nbsp;</b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-16%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOSS FROM DISCONTINUED
OPERATIONS</b></font></p>
</td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>(0.16)</b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b> (0.16)</b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUMULATIVE EFFECT OF ACCOUNTING
CHANGE</b></font></p>
</td>
<td colspan="4" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b> -- </b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:solid windowtext .5pt">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:solid windowtext .5pt">
<font size="2"><b> (2.34)</b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-100%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DILUTED INCOME
(LOSS)</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$ </b></font></p>
</td>
<td colspan="3" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>(0.06)</b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="3" rowspan="1" >
<p style="border-bottom:double">
<font size="2"><b>$</b></font></p>
</td>
<td colspan="1" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b> (2.36)</b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>-97%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>WEIGHTED AVERAGE SHARES OUTSTANDING:</b></font></p>
</td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIC</b></font></p>
</td>
<td colspan="4" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,341 </b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,341 </b></font></p>
</td>
<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
</tr>
<tr valign="top">
<td width="409.333231" colspan="1" rowspan="1" >
<p>
<font size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DILUTED</b></font></p>
</td>
<td colspan="4" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b>9,349 </b></font></p>
</td>
<td width="35.999991" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td colspan="4" rowspan="1" >
<p align="right" style="border-bottom:double">
<font size="2"><b> 9,341 </b></font></p>
</td>


<td width="23.999994" colspan="1" rowspan="1" >
<font size="1">&nbsp;</font></td>
<td width="71.999982" colspan="1" rowspan="1" >
<p align="right">
<font size="2"><b>0%</b></font></p align="right">
</td>
</tr>
</table></div>
<p>
</p>


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