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<SEC-DOCUMENT>0000891092-07-000400.txt : 20070207
<SEC-HEADER>0000891092-07-000400.hdr.sgml : 20070207
<ACCEPTANCE-DATETIME>20070207081834
ACCESSION NUMBER:		0000891092-07-000400
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070207
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070207
DATE AS OF CHANGE:		20070207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARINE PRODUCTS CORP
		CENTRAL INDEX KEY:			0001129155
		STANDARD INDUSTRIAL CLASSIFICATION:	SHIP & BOAT BUILDING & REPAIRING [3730]
		IRS NUMBER:				582572419
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16263
		FILM NUMBER:		07586252

	BUSINESS ADDRESS:	
		STREET 1:		2170 PIEDMONT ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30324
		BUSINESS PHONE:		4043212140

	MAIL ADDRESS:	
		STREET 1:		2170 PIEDMONT ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30324
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>e26250_8k.htm
<DESCRIPTION>FORM 8-K
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>UNITED STATES
                                        SECURITIES AND EXCHANGE COMMISSION
                                              WASHINGTON, D.C. 20549 </B></FONT></P>

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


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CURRENT REPORT<BR>
                                      PURSUANT TO SECTION 13 OR 15(d) OF THE<BR>
                                          SECURITIES EXCHANGE ACT OF 1934 </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Date of Report (Date
of earliest event reported): February 7, 2007 </B></FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>MARINE PRODUCTS
CORPORATION <BR>
                                </B>(Exact name of registrant as specified in its
charter) </FONT></P>

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<font size="2"><b>Delaware </b><br>
(State or Other Jurisdiction<br>
of Incorporation) </font>

</td>
    <td width=5%>&nbsp;&nbsp;</td>
    <td width=30%>
<font size="2"><b>1-16263 </b><br>
(Commission File Number) </font>
</td>
    <td width=5%>&nbsp;&nbsp;</td>
    <td width=30%>
<font size="2"><b>58-2572419 </b><br>
(IRS Employer <br>
Identification No.) </font>

</td>
  </tr>

</table>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2170 Piedmont Road, NE,
Atlanta, Georgia 30324 <BR>                                (Address of principal executive
office) (zip code) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Registrant&#146;s
telephone number, including area code: (404) 321-7910 </B></FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check  the  appropriate  box  below
 if the  Form  8-K  filing  is  intended  to simultaneously  satisfy the filing
obligation of the registrant under any of the following provisions (see General
Instruction A.2. below): </FONT></P>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
</TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></TD>
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<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></TD>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2.02  Results of
Operations and Financial Condition. </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On February 7, 2007, Marine Products
 Corporation  issued a press release titled &#147;Marine Products  Corporation  Reports
 2006 Fourth  Quarter and Annual  Results,&#148;  that announced the financial results
for the fourth quarter ended December 31, 2006. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01  Financial
Statements and Exhibits. </B></FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)
Exhibits. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
99 &#150; Press Release dated February 7, 2007 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURES </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the  requirements  of
the  Securities  Exchange Act of 1934,  Marine Products  Corporation  has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>


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  <tr align="left" valign=top>
    <td width=50%>&nbsp;</td>
    <td width=50%><font face="Times New Roman, Times, Serif" size=2>Marine Products Corporation. </font></td>
  </tr>
  <tr align="left" valign=top>
    <td width=50%>&nbsp;</td>
    <td width=50%>&nbsp;</td>
  </tr>
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    <td width=50%><font size=2>
</font><font face="Times New Roman, Times, Serif" size=2>Date: February 7, 2007</font><font size=2> </font></td>
    <td width=50%><font size=2>
</font><font face="Times New Roman, Times, Serif" size=2>/s/ BEN M. PALMER</font><font size=2>           </font>
      <hr noshade align="left" width="250" size="1">
      <font face="Times New Roman, Times, Serif" size=2>Ben M. Palmer
                                                                       <br>
      Vice President,
                                                                       <br>
      Chief Financial
Officer and Treasurer </font></td>
  </tr>

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<DESCRIPTION>PRESS RELEASE
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<p align="right"><font face="Times New Roman, Times, Serif" size=2>Exhibit 99 </font></p>
<p><font face="Times New Roman, Times, serif" size="2"><b><u><img src="image002.gif" width="238" height="55"></u></b></font></p>
<p><font face="Times New Roman, Times, serif" size="2"><b><u>FOR IMMEDIATE RELEASE</u></b></font></p>
<p align="center"><font face="Times New Roman, Times, serif" size="2"><b><u>Marine Products Corporation
Reports Fourth Quarter and Annual Results<br>
  </u></b></font><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
<p><font face="Times New Roman, Times, serif" size="2">ATLANTA, February 7, 2007 &#150; Marine Products
Corporation (NYSE: MPX) announced its unaudited results for the quarter and
year ended December
 31, 2006.
Marine Products Corporation is a leading manufacturer of fiberglass boats under
two brand names: sterndrive and inboard pleasure boats by Chaparral, including
SSi Sportboats, Sunesta Deckboats, SSX Sportdecks, Signature Cruisers, and outboard
sport fishing boats by Robalo.  </font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><font face="Times New Roman, Times, serif" size="2">For the quarter
ended December 31, 2006, Marine Products generated net sales of $55,680,000,
a 2.1 percent decrease compared to $56,873,000 last year.  The decrease in net
sales was due to a 4.5 percent decrease in the number of boats sold, partially
offset by a slight increase in average gross selling price per boat of 0.4
percent.  Unit sales decreased in most product lines, which was partially
offset by increased unit sales of higher-priced SSi Sportboats.  Gross profit
for the quarter was $11,748,000, or 21.1 percent of net sales, compared to $13,153,000,
or 23.1 percent of net sales, in the prior year.  The decrease in gross profit
as percent of net sales was primarily the result of increased raw materials costs
which were not completely offset by model year price increases, and
manufacturing inefficiencies due to lower production volumes.</font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Operating income for the quarter was $4,377,000, a 16.2 percent
decrease compared to the fourth quarter last year due to lower gross profit partially
offset by lower selling, general and administrative expenses.  These expenses
decreased due to decreased incentive compensation, which varies with sales and
profitability, and lower public company compliance costs, partially offset by
higher warranty expense.   Operating income was 7.9 percent of net sales for
the quarter compared to 9.2 percent of net sales in the prior year.  </font></p>
<p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Net income for the
quarter ended December 31, 2006was $3,687,000, an 11.9 percent decrease
compared to $4,185,000 in the prior year.
Net income decreased due to lower operating income and a higher effective tax
rate, partially offset by higher interest income.  Diluted earnings per share for the quarter were $0.09,
18.2 percent lower than in the prior year.</font></p>
<p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Net
sales for the twelve months ended December 31, 2006 were $261,378,000, a 3.9
percent decrease compared to 2005.  Net income for the year decreased 22.5
percent to $20,314,000 or $0.52 diluted earnings per share compared to $26,223,000
or $0.65 diluted earnings per</font></p>



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<p><font face="Times New Roman, Times, serif" size="2"> Page 2<br>
  4th Quarter and Annual 2006 Press Release
  </font></p>
<p><font face="Times New Roman, Times, serif" size="2">share last year.  Diluted earnings per share
decreased because of lower operating income, partially offset by higher
interest income.</font></p>
<p><font face="Times New Roman, Times, serif" size="2">Richard A.
Hubbell, Marine Products&#146; Chief Executive Officer stated, &#147;We have entered the
winter boat show season, which is a very important time to assess consumer
demand for the upcoming retail selling season.  Thus far, indications are
consistent with our earlier opinion that consumer demand is lower than this
time last year.  Our market share has held firm, and we continue to focus on
larger boats, as evidenced by the higher unit sales of larger SSi Sportboats in
the fourth quarter.  We also continue to focus on innovation and development of
new products.  Our new SSX Sportdecks are selling well this year, and we plan
to introduce a 40 foot Chaparral Yacht for the 2008 model year. </font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Hubbell
continued, &#147;Our response to this industry environment is to establish production
levels necessary to maintain reasonable dealer inventories and order backlog,
which will prepare us to capture market share when industry conditions improve.
As we move into 2007, we will work with our dealers to closely monitor retail
activity, consumer confidence, fuel prices, and other indicators of retail
demand, and prepare to react swiftly to available opportunities.&#148;</font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Marine
Products Corporation (NYSE: MPX) designs, manufactures and distributes
premium-branded Chaparral sterndrive and inboard pleasure boats and Robalo sport
fishing boats, and continues to diversify its product line through product
innovation.  With premium brands, a solid capital structure, and a strong
independent dealer network, Marine Products Corporation is prepared to
capitalize on opportunities to strategically increase its market share and to
generate superior financial performance to build long-term shareholder value.
For more information on Marine Products Corporation visit our website at
www.marineproductscorp.com.</font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">&nbsp;</font><font face="Times New Roman, Times, serif" size="2">Certain
statements and information included in this press release constitute
&quot;forward-looking statements&quot; within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
include statements regarding our assessment of consumer demand for the upcoming
retail selling season, our plan to introduce a 40 foot Chaparral Yacht in the 2008
model line, our ability to adjust production to maintain dealer inventories and
backlog at appropriate levels, and our ability to capitalize on opportunities
to increase market share, generate superior financial performance and build
shareholder value. These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of Marine Products Corporation to be materially different from
any future results, performance or achievements expressed or implied in such
forward-looking statements. These risks include possible decreases in the level
of consumer confidence impacting discretionary spending, business interruptions
due to adverse weather conditions, increased interest rates, unanticipated changes
in consumer demand and preferences, deterioration in the quality of Marine
Products' network of independent boat dealers or</font></p>



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<p align=left><font face="Times New Roman, Times, serif" size="2"> Page 3<br>
  4th Quarter and Annual 2006 Press Release</font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">
  availability of financing of
their inventory, our ability to insulate our financial results against increasing
commodity prices, the impact of rising gasoline prices on consumer demand for
our products, and competition from other boat manufacturers and dealers.
Additional discussion of factors that could cause the actual results to differ
materially from management's projections, forecasts, estimates and expectations
is contained in Marine Products' Form 10-K for the year ending December 31, 2005 filed with the Securities and Exchange Commission, and its
other SEC filings.</font></p>
<p><font face="Times New Roman, Times, serif" size="2">For
information about Marine Products Corporation, please contact:</font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">Ben M.
Palmer<br>
  </font><font face="Times New Roman, Times, serif" size="2">Chief Financial Officer<br>
  </font><font face="Times New Roman, Times, serif" size="2">404.321.7910<br>
  </font><font face="Times New Roman, Times, serif" size="2">irdept@marineproductscorp.com</font></p>
<p align=left><font face="Times New Roman, Times, serif" size="2">Jim
Landers<br>
  </font><font face="Times New Roman, Times, serif" size="2">Corporate
Finance<br>
  </font><font face="Times New Roman, Times, serif" size="2">404.321.2162<br>
  </font><font face="Times New Roman, Times, serif" size="2">jlanders@marineproductscorp.com</font></p>



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<p align=left><font face="Times New Roman, Times, serif" size="2">Page 4<br>
  4th Quarter and Annual 2006 Press Release</font></p>
<p align=left><font size="2" face="Arial"><b>MARINE PRODUCTS CORPORATION AND SUBSIDIARIES</b></font>
</p>
<table border=0 cellspacing=0 cellpadding=0 width="100%">

  <tr valign="bottom">

    <td colspan="8">

      <hr noshade size="1">
      </td>
    <td colspan="6">&nbsp;</td>
  </tr>

  <tr valign="bottom">

    <td>

      <p><font size="2" face="Arial"><b>CONSOLIDATED STATEMENTS OF INCOME </b><i> (In
thousands except per share data)</i></font></p>
    </td>
    <td>&nbsp;</td>
    <td colspan="4">&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="6">&nbsp;</td>
  </tr>

  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="1">
      </td>
  </tr>

  <tr valign="bottom">

    <td>

      <p align="left"><font size="2">Periods ended December 31, (Unaudited)</font><font face="Times New Roman" size="2"></font></p>
    </td>
    <td>

      <p align="center"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td colspan="4">

      <p align="center"><b><font size="2">Fourth Quarter</font></b></p>
    </td>
    <td>

      <p align="center"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td>

      <p align="center"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td colspan="6">

      <p align="center"><b><font size="2">Twelve Months</font></b></p>
    </td>
  </tr>
  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="1">
      </td>
  </tr>

  <tr valign="bottom">

    <td>

      <p align="center"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td>

      <p align="center"><b><font size="2">&nbsp;</font></b></p>
    </td>
    <td colspan="2">

      <p align="center"><b><font size="2">2006</font></b></p>
    </td>
    <td colspan="2">

      <p align="center"><font size="2">2005</font></p>
    </td>
    <td colspan="2">

      <p align="center"><font size="2">BETTER <br>
          (WORSE)</font></p>
    </td>
    <td colspan="2">

      <p align="center"><b><font size="2">2006 </font></b></p>
    </td>
    <td colspan="2">

      <p align="center"><font size="2">2005</font></p>
    </td>
    <td colspan="2">

      <p align="center"><font size="2">&nbsp;BETTER<br>
           (WORSE)</font><b><font size="2">&nbsp;</font></b></p>
    </td>
  </tr>

  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="1">
      </td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial"><b>Net Sales</b></font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">55,680</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;56,873</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(2.1)%</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">261,378</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;272,057</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(3.9)%</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">Cost of Goods Sold</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">43,932</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">43,720</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(0.5</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">201,971</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">202,936</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">0.5</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="1">
      </td>
  </tr>



  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">Gross Profit</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">11,748</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">13,153</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(10.7</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">59,407</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">69,121</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(14.1</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">Selling, General and Administrative Expenses</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">7,371</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">7,932</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">7.1</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">32,474</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">33,557</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">3.2</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="1">
      </td>
  </tr>


  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">Operating Income</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">4,377</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">5,221</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(16.2</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">26,933</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">35,564</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(24.3</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">Interest Income</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">804</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">355</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">126.5</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">2,502</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">1,330</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">88.1</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="1">
      </td>
  </tr>


  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">Income Before Income Taxes</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">5,181</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">5,576</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(7.1</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">29,435</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">36,894</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(20.2</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">Income Tax Provision</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">1,494</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">1,391</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(7.4</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">9,121</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">10,671</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">14.5</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="1">
      </td>
  </tr>


  <tr>

    <td valign=top>

      <p><font size="2" face="Arial"><b>NET INCOME</b></font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">3,687</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,185</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(11.9</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)%&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b></font><b><font size="2" face="Arial">20,314</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;26,223</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(22.5)%</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr valign="bottom">

    <td colspan="14">

      <hr noshade size="2">
      </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right"><b></b></td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial"><b>EARNINGS PER SHARE</b></font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">&nbsp;</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">&nbsp;</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">   Basic</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">0.10</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(9.1</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)%&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;</font></b><font size="2" face="Arial">0.69</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(21.7)%</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right" colspan="6">

      <hr noshade size="2">
      </td>
    <td valign=top align="right" colspan="6">

      <hr noshade size="2" align="right" width="95%">
      </td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">   Diluted</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">&nbsp;&nbsp;0.09</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(18.2</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">)%&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&nbsp;&nbsp;</b></font><b><font size="2" face="Arial">0.52</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;</font></b><font size="2" face="Arial">0.65</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">(20.0)%</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right" colspan="6">

      <hr noshade size="2">
      </td>
    <td valign=top align="right" colspan="6">

      <hr noshade size="2" align="right" width="95%">
      </td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial"><b>AVERAGE SHARES OUTSTANDING</b></font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">&nbsp;</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">&nbsp;</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">   Basic</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">37,315</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">37,185</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">37,339</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">38,016</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right" colspan="3">

      <hr noshade size="2">
      </td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right" colspan="3">

      <hr noshade size="2" width="92%" align="right">
      </td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>

  <tr>

    <td valign=top>

      <p><font size="2" face="Arial">   Diluted</font></p>
    </td>
    <td valign=top>

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">38,945</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">39,053</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><b><font size="2" face="Arial">38,978</font></b></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">40,117</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="right">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
    <td valign=top align="left">

      <p><font size="2" face="Arial">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top>&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td valign=top align="right" colspan="3">

      <hr noshade size="2">
      </td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
    <td valign=top align="right" colspan="3">

      <hr noshade size="2" width="92%" align="right">
      </td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="right">&nbsp;</td>
    <td valign=top align="left">&nbsp;</td>
  </tr>


</table>
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->
<font face="Times New Roman, Times, serif" size="2">Page 5<br>
  4th Quarter and Annual 2006 Press Release</font>
<p align=left>&nbsp;</p>
<p align=LEFT><font face="Times New Roman, Times, Serif" size=2><b>MARINE PRODUCTS
CORPORATION AND SUBSIDIARIES </b></font></p>
<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>
    <th colspan=6>
      <hr noshade size="1">
    </th>
  </tr>
  <tr valign=Bottom>
    <th colspan=2>
      <div align="left"><font size="2">CONSOLIDATED BALANCE SHEETS</font></div>
    </th>
    <th colspan=4>&nbsp;</th>
  </tr>
  <tr valign=Bottom>
    <th colspan=6>
      <hr noshade size="1">
    </th>
  </tr>


  <tr valign=Bottom>

    <td align=LEFT><font size="2">At December 31, (Unaudited)</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT colspan="4">
      <div align="center"><font size="2">(in thousands)</font></div>
    </td>
  </tr>
  <tr valign=Bottom>
    <th colspan=6>
      <hr noshade size="1">
    </th>
  </tr>
  <tr valign=Bottom>

    <th colspan=2>
      <div align="left"><font size="2">
</font></div>
    </th>
    <th colspan=2><font size="2">2006</font></th>
    <th colspan=2><font size="2">2005</font></th>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td width=65% align=LEFT><font size="2"><b>ASSETS</b></font></td>
    <td width=4% align=LEFT><font size="2"></font></td>
    <td width=12% align=RIGHT><font size="2"></font></td>
    <td width=5% align=LEFT><font size="2"></font></td>
    <td width=12% align=RIGHT><font size="2"></font></td>
    <td width=2% align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Cash and cash equivalents</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;</font><b><font size="2">54,456</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;37,602</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Marketable securities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">652</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">1,323</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Accounts receivable, net</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">2,980</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">3,662</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Inventories</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">29,556</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">26,856</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Income taxes receivable</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">834</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">2,528</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Deferred income taxes</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">3,244</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">3,079</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Prepaid expenses and other current assets</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">1,873</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">1,343</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Total current assets</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">93,595</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">76,393</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Property, plant and equipment, net</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">16,641</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">17,252</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Goodwill</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">3,308</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">3,308</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Marketable securities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">3,715</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">5,893</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Deferred income taxes</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">1,449</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">1,126</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Other assets</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">5,471</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">4,833</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Total assets</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;</font><b><font size="2">124,179</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;108,805</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="2">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size="2"><b>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</b></font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Accounts payable</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;</font><b><font size="2">&nbsp;3,455</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,461</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Accrued expenses and other liabilities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">13,634</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">11,591</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Total current liabilities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">17,089</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">15,052</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Pension liabilities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">4,670</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">4,923</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Other long-term liabilities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">1,019</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">1,142</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Total liabilities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">22,778</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">21,117</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Common stock</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">3,791</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">3,770</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Capital in excess of par value</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">13,453</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">16,364</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Deferred compensation</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">&#151;</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">(3,540</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Retained earnings</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">84,875</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">72,192</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Accumulated other comprehensive loss</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">(718</font></b></td>
    <td align=LEFT><font size="2">)</font></td>
    <td align=RIGHT><font size="2">(1,098</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Total stockholders&#146; equity</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">101,401</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">87,688</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Total liabilities and stockholders&#146; equity</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;</font><b><font size="2">124,179</font></b></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><font size="2">$&nbsp;108,805</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td width=100% align=LEFT colspan="6">
      <hr noshade size="2">
    </td>
  </tr>

</table>
<p><font size="2">Certain prior year balances have been reclassified to conform with current year
presentation.
</font></p>


<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>





<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 2; page: 2" -->
<p><font face="Times New Roman, Times, serif" size="2">Page 6<br>
  4th Quarter and Annual 2006 Press Release</font>
</p>
<p><b><font size="2">MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
</font></b></p>
<table cellpadding=0 cellspacing=0 border=0 width=600>
  <tr valign=Bottom>

    <th colspan=2></th>
    <th colspan=2></th>
    <th colspan=2></th>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6"><b><font size="2">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
</font>

</b></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT><font size="2"><b>TWELVE MONTHS ENDED DECEMBER 31, </b>(Unaudited) </font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT colspan="4">
      <div align="center"><font size="2">(in thousands)</font></div>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size="2"></font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT colspan="2">
      <div align="center"><font size="2"><i><b>2006</b></i></font></div>
    </td>
    <td align=RIGHT colspan="2">
      <div align="center"><font size="2"><i>2005</i></font></div>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2"><b>Operating Activities:</b></font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2"></font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;Net income</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">$&nbsp;20,314</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">$&nbsp;26,223</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;Depreciation, amortization and other non-cash charges</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">3,644</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">3,018</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;Other net changes in operating activities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">39</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">(9,875</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">23,997</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">19,366</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size="2"><b>Investing Activities:</b></font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Capital expenditures</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">(1,667</font></b></td>
    <td align=LEFT><b><font size="2">)</font></b></td>
    <td align=RIGHT><font size="2">(1,118</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Other investing activities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">3,018</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">(905</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) investing activities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">1,351</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">(2,023</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT><font size="2"><b>Financing Activities:</b></font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Payment of dividends</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">(7,630</font></b></td>
    <td align=LEFT><b><font size="2">)</font></b></td>
    <td align=RIGHT><font size="2">(6,073</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Cash paid for common stock purchased and retired</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">(1,337</font></b></td>
    <td align=LEFT><b><font size="2">)</font></b></td>
    <td align=RIGHT><font size="2">(20,627</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;Other financing activities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">473</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">344</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">(8,494</font></b></td>
    <td align=LEFT><b><font size="2">)</font></b></td>
    <td align=RIGHT><font size="2">(26,356</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Net increase (decrease)  in cash and cash equivalents</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">16,854</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">(9,013</font></td>
    <td align=LEFT><font size="2">)</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Cash and cash equivalents at beginning of period</font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">37,602</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">46,615</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="1">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2"><b>Cash and cash equivalents at end of period</b></font></td>
    <td align=LEFT><font size="2"></font></td>
    <td align=RIGHT><b><font size="2">$&nbsp;54,456</font></b></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font size="2">$&nbsp;37,602</font></td>
    <td align=LEFT><font size="2"></font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT colspan="6">
      <hr noshade size="2">
    </td>
  </tr>

</table>
<br>
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
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