-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 KDv9uY4zvvNtplnOot6M6B5SNejDlhqS/C3F+qpD3oemGxFLlmCwai0mOhmNHz1v
 7gqgEX/seBfTzn6VtzIlnw==

<SEC-DOCUMENT>0000891092-07-003043.txt : 20070725
<SEC-HEADER>0000891092-07-003043.hdr.sgml : 20070725
<ACCEPTANCE-DATETIME>20070725074816
ACCESSION NUMBER:		0000891092-07-003043
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20070725
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070725
DATE AS OF CHANGE:		20070725

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:		07997826

	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
<SEQUENCE>1
<FILENAME>e27996_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Scotch Rule TOP" FSL="Workstation" -->
<HR ALIGN=LEFT WIDTH=100% SIZE=4 noshade>
<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>UNITED STATES
                       <br>
  SECURITIES AND EXCHANGE COMMISSION
                             <br>
  WASHINGTON, D.C. 20549 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>FORM 8-K </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<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>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Date of Report (Date
of earliest event reported): July 25, 2007 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B><font size="4">MARINE PRODUCTS
CORPORATION              </font><br>
  </B><font size="2">
  (Exact name of registrant as specified in its charter) </font></FONT></P>

<!-- MARKER FORMAT-SHEET="Cutoff rule centered" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=CENTER WIDTH=150>

<!-- MARKER FORMAT-SHEET="8K 3 col" FSL="Workstation" -->
<TABLE WIDTH=100%>
  <TR ALIGN="center" VALIGN=top>
    <TD WIDTH=30%><FONT SIZE=2><b>Delaware
                      </b><br>
      <font size="1">(State or Other Jurisdiction
    <br>
      of Incorporation)
</font>                                      </FONT></TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=30%><FONT SIZE=2>&nbsp;<b>1-16263</b><br>
      <font size="1">(Commission File Number) </font>
                       </FONT></TD>
    <TD WIDTH=5%>&nbsp;&nbsp;</TD>
    <TD WIDTH=30%><FONT SIZE=2><b>58-2572419 </b><br>
      <font size="1">(IRS Employer<br>
      Identification No.) </font>

      </FONT></TD>
  </TR>
 </TABLE>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2801 Buford Highway,
Suite 520, Atlanta, Georgia 30329                <br>
  <font size="1">
  (Address of principal executive office)
(zip code) </font></FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<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>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|  </FONT></TD>
<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>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|  </FONT></TD>
<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>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|  </FONT></TD>
<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>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>|_|  </FONT></TD>
<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>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Scotch Rule BOTTOM" FSL="Workstation" -->
<HR ALIGN=LEFT WIDTH=100% SIZE=4 noshade>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<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" -->


<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On July 25, 2007, Marine Products
Corporation issued a press release titled &#147;Marine Products Corporation Reports 2007 Second Quarter
Financial Results,&#148; that announced the financial results for the second quarter ended
June 30, 2007. </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 9.01  Financial
Statements and Exhibits. </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 10" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (d)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Exhibit
99 - Press Release dated July 25, 2007 </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">-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: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SIGNATURES </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<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>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
  <TR VALIGN=TOP>
    <TD WIDTH=50%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=50%><font face="Times New Roman, Times, Serif" size=2>Marine Products
Corporation. </font></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=50%>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD WIDTH=50%>&nbsp;</TD>
  </TR>
  <TR VALIGN=TOP>
    <TD WIDTH=50% height="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: July
25, 2007                                                    </FONT></TD>
    <TD height="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=50% height="14"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>/s/ BEN M. PALMER
                                                                       <br>
      </FONT>
      <hr size="1" noshade width="25%" align="left">
      <FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ben M. Palmer
                                                                       <br>
      Vice President,
                                                                       <br>
      Chief Financial
Officer and <br>
      Treasurer </FONT></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">-3-
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>e27996ex99.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit 99 </B></FONT></P>

<img src="image001.jpg" width="264" height="72"><!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><u>Marine Products
Corporation Reports 2007 Second Quarter Financial Results </u></B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA, July 25, 2007 &#150; Marine
Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended
June 30, 2007.  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 Wide-Techs, SSX Sportdecks, Signature Cruisers, and outboard sport
fishing boats by Robalo. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the quarter ended June 30, 2007,
Marine Products generated net sales of $67,869,000, a 5.4 percent decrease compared to
$71,739,000 in the second quarter of last year.  The change in net sales resulted
primarily from a 13.3 percent decrease in the number of boats sold, partially offset by a
6.8 percent increase in the average gross selling price per boat.  Gross profit for the
quarter was $14,934,000, or 22.0 percent of net sales, compared to $16,136,000, or 22.5
percent of net sales, in the prior year.  The decrease in gross profit as a percentage of
net sales was the result of manufacturing cost inefficiencies resulting from lower
production volumes. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating income for the quarter was
$7,014,000, an 8.9 percent decrease compared to the second quarter last year, due to
lower gross profit, partially offset by lower selling, general and administrative
expenses. Operating income was 10.3 percent of net sales for the quarter, compared to
10.7 percent in the prior year. Selling, general and administrative expenses decreased
because of lower warranty and incentive compensation expense, partially offset by higher
research and development expenses due to new product development. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the quarter ended
June 30, 2007 was $5,275,000, a 16.1 percent decrease compared to $6,289,000 in the prior
year.  Net income decreased due to lower operating income and a higher effective income
tax rate compared to the prior year.  Diluted earnings per share for the quarter
decreased by 12.5 percent to $0.14, compared to $0.16 in the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net sales for the six months ended
June 30, 2007 were $132,845,000, a 6.2 percent decrease compared to the first six months
of 2006.  Net income for the six-month period decreased 23.8 percent to $9,192,000 or
$0.24 diluted earnings per share compared to $12,065,000 or $0.31 diluted earnings per
share in the prior year. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Richard A. Hubbell, Marine Products&#146; Chief
Executive Officer, stated, &#147;Our results for the second quarter of 2007 reflect continued
weakness in the recreational boating market that began late in 2005.  We believe that
this retail selling season was negatively impacted by high fuel prices and a weaker
housing market, neither of which show signs </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<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: 3; page: 3" -->


<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 2<br>
2<font size="1"><sup>nd</sup></font> Quarter 2007 Press Release </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of improvement.  Although overall
unit volume was down, we continue to see relative strength in our larger SSi Sportboats,
our SSX Sportdecks, and our larger Robalo sport fishing boats.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hubbell continued, &#147;Our dealer
conferences for the 2008 model year will take place within the next several weeks, and as
always, we are eager to spend time with our dealers and gauge their demand for the coming
model year.  Our field inventory is comparable to this time last year.  Order backlog is
slightly lower, but reasonable in the current environment.  In anticipation of continued
low retail demand, we have taken steps to align our costs with current and projected
production levels, including appropriate headcount reductions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;In this difficult environment we
are continuing to build and invest for the long term.  We are using our enhanced research
and development, engineering and marketing resources to bring to market exciting new
models for the 2008 model year.  Most notably, we have developed an entirely new Sunesta
Wide-Tech line for 2008 and are continuing development of our 40-foot Chaparral Sport
Yacht for later in the 2008 model year.  We are continuing to use our financial strength
and superior industry resources to build innovative, high-quality pleasure boats.&#148; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><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 seeks to continue to diversify
its product line through product innovation and strategic acquisition.  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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Certain statements and information
 included in this press release constitute  &#147;forward-looking  statements&#148; within the
meaning of the Private  Securities  Litigation  Reform Act of 1995.  Such
 forward-looking  statements  include statements  regarding our belief that our order
backlog is reasonable in the current  environment,  our belief that we have aligned our
costs with current and projected  production  levels, our expectations about our new
models for the 2008 model year,  and our ability to continue to  diversify  our product
 line though  product  innovation  and strategic  acquisition,  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&#146;
 network of independent  boat dealers or </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<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: 4; page: 4" -->

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 3<br>
2<font size="1"><sup>nd</sup></font> Quarter 2007 Press Release </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><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,  our  ability to  identify,  complete or successfully  integrate
 acquisitions,  the impact of rising  gasoline prices and a weak housing market 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&#146;s  projections,  forecasts, estimates and
 expectations is contained in Marine  Products&#146; Form 10-K for the year ending December
31, 2006 filed with the Securities and Exchange Commission.  </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For information about Marine
Products Corporation, please contact: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
    <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>BEN M.
PALMER <br>
      Chief Financial Officer
                             <br>
      404.321.7910
                                                 <br>
      irdept@marineproductscorp.com
                                              </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JIM LANDERS <br>
      Corporate Finance <br>
      404.321.2162
                        <br>
      jlanders@marineproductscorp.com  </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<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: 5; page: 5" -->

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 4<br>
2<font size="1"><sup>nd</sup></font> Quarter 2007 Press Release </FONT></P>
<table border=0 cellspacing=0 cellpadding=0 width=100%>
    <tr>
      <td nowrap colspan=4>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>MARINE
  PRODUCTS CORPORATION AND SUBSIDIARIES</b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr>

    <td nowrap colspan="9"><font size="2">&nbsp;</font></td>
      <td nowrap><font size="2"></font></td>
      <td nowrap><font size="2"></font></td>
      <td nowrap><font size="2"></font></td>
      <td nowrap><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
    </tr>
    <tr>
      <td nowrap colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td nowrap colspan=8>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>CONSOLIDATED
  STATEMENTS OF INCOME </b><i>(In thousands except per share data)</i></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td nowrap colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Periods ended June 30, (Unaudited)</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap colspan=4>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>Second Quarter</b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap colspan=4>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>Six Months</b></font></p>
      </td>
      <td nowrap colspan=2>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap valign=top colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap valign=top><font size="2"></font></td>
      <td nowrap valign=top colspan="8">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap valign=top>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=top>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td nowrap valign="bottom">
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>2007 </b></font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td nowrap valign="bottom">
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">2006 </font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td valign=bottom>

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">% BETTER<br>
          (WORSE)</font></p>
      </td>

    <td nowrap valign="bottom">
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td nowrap valign="bottom">
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>2007 </b></font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td nowrap valign="bottom">
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">2006</font></p>
      </td>

    <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>

    <td valign=bottom>

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">% BETTER<br>
          (WORSE)</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Net
  Sales</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>67,869 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">71,739 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(5.4)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>132,845 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">141,696 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(6.2)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Cost of
  Goods Sold</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>52,935 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">55,603 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">4.8 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>103,947 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">108,742 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">4.4 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Gross
  Profit</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>14,934 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">16,136 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(7.4)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>28,898 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">32,954 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(12.3)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap colspan=2>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Selling,
  General and Administrative Expenses</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>7,920 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">8,437 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">6.1 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>16,363 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">17,075 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">4.2 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Operating
  Income</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>7,014 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">7,699 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(8.9)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>12,535 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">15,879 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(21.1)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Interest
  Income</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>637 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">588 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">8.3 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>1,363 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">1,034 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">31.8 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>

    <tr>
      <td nowrap colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">
Income
  Before Income Taxes</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>7,651 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">8,287 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(7.7)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>13,898 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">16,913 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(17.8)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Income
  Tax Provision</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>2,376 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">1,998 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(18.9)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>4,706 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">4,848 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">2.9 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>

    <tr>
      <td nowrap colspan="9">
        <hr size="1" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="1" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>NET
  INCOME</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>5,275 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">6,289 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(16.1)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>9,192 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">12,065 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(23.8)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap colspan="9">
        <hr size="2" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="2" noshade>
      </td>
    </tr>

    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>EARNINGS
  PER SHARE </b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Basic
  </font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>0.14 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">0.17 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(17.6)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>0.25 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">0.32 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom align="center">
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(21.9)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="2" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="2" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">
  Diluted  </font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>0.14 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">0.16 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(12.5)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>0.24 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">0.31 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom align="center">
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(22.6)</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>%</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="2" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="8">
        <hr size="2" noshade>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2"><b>AVERAGE
  SHARES OUTSTANDING</b></font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">Basic
  </font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>37,324 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">37,414 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>37,412 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">37,361 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap><font size="2"></font></td>
      <td nowrap colspan="6">
        <hr size="2" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="6">
        <hr size="2" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
    </tr>
    <tr>
      <td nowrap>
        <p><font face="Arial, Helvetica, sans-serif" size="2">
  Diluted  </font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>38,448 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">38,976 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>38,622 </b></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2">39,049 </font></p>
      </td>
      <td nowrap valign=bottom>
        <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
      </td>
      <td nowrap valign=bottom>
        <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b></b></font></p>
      </td>
    </tr>
    <tr>
      <td nowrap><font size="2"></font></td>
      <td nowrap colspan="6">
        <hr size="2" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap colspan="6">
        <hr size="2" noshade>
      </td>
      <td nowrap valign=bottom><font size="2"></font></td>
      <td nowrap valign=bottom><font size="2"></font></td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<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: 6; page: 6" -->

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 5<br>
2<font size="1"><sup>nd</sup></font> Quarter 2007 Press Release </FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width="600" align="center">

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>MARINE PRODUCTS
  CORPORATION AND SUBSIDIARIES</b></font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>&nbsp;</td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>&nbsp;</td>
    <td nowrap valign=bottom>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>CONSOLIDATED BALANCE
  SHEETS</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>&nbsp;</td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">At June 30, (Unaudited)</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap colspan=5>

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">(in thousands)</font></p>
    </td>
  </tr>

  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b>2007</b></font></p>
    </td>
    <td nowrap>

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap><font face="Arial, Helvetica, sans-serif" size="2"><b>2006</b></font></td>
    <td nowrap>

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>ASSETS</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>&nbsp;</td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Cash and cash equivalents</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>15,925</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>$</b></font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">44,165</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Marketable securities</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>4,525</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">379</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Accounts receivable, net</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>5,320</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">7,819</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Inventories</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>34,080</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">33,677</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Income taxes receivable</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>258</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">1,157</font></td>
    <td nowrap valign=bottom>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"> </font></p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Deferred income taxes</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>2,999</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">2,954</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Prepaid expenses and other
  current assets</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>1,955</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">1,636</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Total current assets</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>65,062</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right"><font face="Arial, Helvetica, sans-serif" size="2">91,787</font></td>
    <td nowrap>

      <p align=right>&nbsp;</p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Property, plant and
  equipment, net</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>16,385</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">17,154</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Goodwill </font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>3,308</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">3,308</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Marketable securities</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>37,324</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">5,850</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Deferred income taxes</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>1,185</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">1,051</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Other assets</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>6,250</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">4,964</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Total assets</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>129,514</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap align="right"><font face="Arial, Helvetica, sans-serif" size="2">124,114</font></td>
    <td nowrap>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap colspan="7">

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


  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right">&nbsp;</td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>LIABILITIES AND
  STOCKHOLDERS&#146; EQUITY</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right">&nbsp;</td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Accounts payable</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>7,706</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">9,600</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Accrued expenses and other
  liabilities</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>14,027</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">12,880</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Total current
  liabilities</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>21,733</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">22,480</font></td>
    <td nowrap valign=bottom>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"> </font></p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Pension liabilities</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>5,255</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">4,485</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Other long-term
  liabilities</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>733</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">492</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Total liabilities</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>27,721</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right"><font face="Arial, Helvetica, sans-serif" size="2">27,457</font></td>
    <td nowrap>

      <p align=right>&nbsp;</p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Common stock </font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>3,767</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">3,805</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Capital in excess of par
  value</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>9,233</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">13,467</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Retained earnings</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>89,515</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap valign=bottom align="right"><font face="Arial, Helvetica, sans-serif" size="2">80,489</font></td>
    <td nowrap valign=bottom>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Accumulated other
  comprehensive loss</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>(722</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)</b>&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right"><font face="Arial, Helvetica, sans-serif" size="2">(1,104</font></td>
    <td nowrap align="left">
      <p align=right><font face="Arial, Helvetica, sans-serif" size="2">) </font></p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Total stockholders&#146;
  equity</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>101,793</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right"><font face="Arial, Helvetica, sans-serif" size="2">96,657 </font></td>
    <td nowrap>

      <p align=right>&nbsp;</p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan="7">

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

  <tr>

    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Total liabilities and
  stockholders&#146; equity </font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap>

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>129,514</b></font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap>

      <p><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap align="right"><font face="Arial, Helvetica, sans-serif" size="2">124,114 </font></td>
    <td nowrap>

      <p align=right>&nbsp;</p>
    </td>
  </tr>

  <tr>

    <td nowrap colspan="7">

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

</table>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<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: 7; page: 7" -->

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Page 6<br>
2<font size="1"><sup>nd</sup></font> Quarter 2007 Press Release </FONT></P>

<table border=0 cellspacing=0 cellpadding=0 align="center" width="794">

  <tr>

    <td nowrap colspan=9><font face="Arial, Helvetica, sans-serif" size="2"><b>MARINE PRODUCTS
  CORPORATION AND SUBSIDIARIES</b></font><font face="Arial, Helvetica, sans-serif"></font><font face="Arial, Helvetica, sans-serif"></font><font face="Arial, Helvetica, sans-serif"></font><font face="Arial, Helvetica, sans-serif"></font></td>
  </tr>

  <tr>

    <td nowrap colspan=9><font face="Arial, Helvetica, sans-serif"></font><font face="Arial, Helvetica, sans-serif"></font><font face="Arial, Helvetica, sans-serif"></font><font face="Arial, Helvetica, sans-serif"></font><font face="Arial, Helvetica, sans-serif">&nbsp;</font></td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan=9>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>CONDENSED
  CONSOLIDATED STATEMENTS OF CASH FLOWS</b></font></p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>SIX
  MONTHS ENDED JUNE 30, </b>(Unaudited)</font></p>
    </td>
    <td width="300">
    </td>
    <td nowrap colspan="5" align="center">

      <p><font face="Arial, Helvetica, sans-serif" size="2">(in thousands)</font></p>
    </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan="3">

      <p>&nbsp;</p>
    </td>
    <td nowrap width="300">&nbsp;</td>
    <td nowrap width="76">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b><i>2007</i></b></font></p>
    </td>
    <td nowrap width="24">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><b><i>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</i></b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2"><i>&nbsp;</i></font></p>
    </td>
    <td nowrap width="68"><font face="Arial, Helvetica, sans-serif" size="2"><i>2006</i></font></td>
    <td nowrap width="1%">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2"></font></p>
    </td>
  </tr>


  <tr>

    <td nowrap colspan=9 height="7">

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

  <tr>

    <td nowrap colspan=3>&nbsp;</td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">&nbsp;</td>
    <td nowrap width="24">&nbsp;</td>
    <td nowrap width="30">&nbsp;</td>
    <td nowrap align="right" width="68">&nbsp;</td>
    <td nowrap align="left" width="1%">&nbsp;</td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Operating Activities:</b></font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68">&nbsp;</td>
    <td nowrap align="left" width="1%">
        <font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Net income</font></p>
    </td>
    <td nowrap align="right" width="300"><font face="Arial, Helvetica, sans-serif" size="2"><b>$</b></font></td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>9,192</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">12,065</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=4>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Depreciation,
  amortization and other non-cash charges</font></p>
    </td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>1,764</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">1,840</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Other net changes in
  operating activities</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(1,694</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">(3,487</font></td>
    <td nowrap align="left" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">)</font>
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided
  by operating activities</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>9,262</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">10,418</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan="3">

      <p>&nbsp;</p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68">&nbsp;</td>
    <td nowrap align="left" width="1%">
        <font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Investing Activities:</b></font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68">&nbsp;</td>
    <td nowrap align="left" width="1%">
        <font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Capital expenditures</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(760</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">(986</font></td>
    <td nowrap align="left" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">)</font>
        </td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Net (purchase) sale of
  marketable securities</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(37,489</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">977</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Other investing
  activities</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>&#151;</b></font></td>
    <td nowrap width="24">

      <p align=right><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">25</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan=4>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used for)
  provided by investing activities</font></p>
    </td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(38,249</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">16</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan="3">

      <p>&nbsp;</p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68">&nbsp;</td>
    <td nowrap align="left" width="1%">
        <font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Financing Activities:</b></font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68">&nbsp;</td>
    <td nowrap align="left" width="1%">
        <font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Payment of dividends</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(4,552</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">(3,767</font></td>
    <td nowrap align="left" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">)</font>
        </td>
  </tr>

  <tr>

    <td nowrap colspan=4>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Cash paid for common
  stock purchased and retired</font></p>
    </td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(5,407</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">(559</font></td>
    <td nowrap align="left" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">)</font>
        </td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;Other financing
  activities</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>415</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">455</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for
  financing activities</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(9,544</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">(3,871</font></td>
    <td nowrap align="left" width="1%"><font face="Arial, Helvetica, sans-serif" size="2">)</font>
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan="3">

      <p>&nbsp;</p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68">&nbsp;</td>
    <td nowrap align="left" width="1%">
        <font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></td>
  </tr>

  <tr>

    <td nowrap colspan=4>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Net (decrease) increase in
  cash and cash equivalents</font></p>
    </td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>(38,531</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>)&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">6,563</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2">Cash and cash equivalents
  at beginning of period</font></p>
    </td>
    <td nowrap align="right" width="300">&nbsp;</td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>54,456</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">&nbsp;</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">37,602</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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

  <tr>

    <td nowrap colspan=3>

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Cash and cash
  equivalents at end of period</b></font></p>
    </td>
    <td nowrap align="right" width="300"><font face="Arial, Helvetica, sans-serif" size="2"><b>$</b></font></td>
    <td nowrap align="right" width="76">
        <font face="Arial, Helvetica, sans-serif" size="2"><b>15,925</b></font></td>
    <td nowrap width="24">

      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>&nbsp;</b></font></p>
    </td>
    <td nowrap width="30">

      <p align=center><font face="Arial, Helvetica, sans-serif" size="2">$</font></p>
    </td>
    <td nowrap align="right" width="68"><font face="Arial, Helvetica, sans-serif" size="2">44,165</font></td>
    <td nowrap align="left" width="1%">&nbsp;
        </td>
  </tr>

  <tr>

    <td nowrap colspan=9>

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


</table>
<br>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<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>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image001.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#__@`<4V]F='=A<F4Z($UI8W)O<V]F="!/
M9F9I8V7_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-#AT5%A$8(Q\E)"(?(B$F
M*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_VP!#`0H+"PX-#AP0$!P[
M*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SO_P``1"`!(`0@#`2(``A$!`Q$!_\0`'``!``(#`0$!````````
M``````0%`P8'`0((_\0`01```0,#`@,%!08$`0T``````0(#!``%$082(3%!
M!Q,448$B87&1H14R4K'!T18C)$+P%S,T0T1B8W)S@I+A\?_$`!L!`0`"`P$!
M```````````````!`P($!08'_\0`,A$``00!`P$'`@4$`P```````0`"`Q$$
M$B$Q004346&!D:%QL10BP='P(S(S0E+A\?_=``0`*/_:``P#`0`"$0,1`#\`
M[)2E:SK+57V!%3'B)[VX2!_*1C.P?B(_(5B]X8W45?CP29$@CC%DJ=?=46O3
M[?\`6/;GB,I8;XK5Z=![S6A7'M.NTA9$!AF(WT*AWB_KP^E4J=.:DNSRY2K;
M+>6Z=RG'1M*C\58K(YHG4C:<FU.$?[JTG\C7+DGG?_:"`O9XG9O9N.*F>USO
M,BO:_NO%:VU,I1/VJL9Z!"?VJ9#[1-11E#O7F921S2ZV!GU&*U^7;YL`XF0W
MXY_XC934<'(S6MWTK3R5V3@X<C?\;2/(#]%UJQ=HELNBTQYB?`R%<!O5EM1]
MRNGK6W`YK\[X!YBMYT+K-R*\U:+FZ51UG:PZH\6ST23Y?E6]!F6=+_=>:[3[
M!:QAEQNG(_;]ET^E*5T5Y%*4I1$I2E$2E*41*4I1$I2E$2E*41*4I1$I2E$2
ME*41*4I1$I2E$2E*41*P)A16Y+DM+#8?7C<Z1[1`]_E2:):HJQ!4RF0<!*G@
M2D>9('/A5*K2:9IWWBZ39ZCS;#G=->B4_O6#B>@M;$3642]^D>`LD_8>Y5J[
M=[8PK:]<8K:O)3R0?SKUFZ6Z2K:Q/C.J\D.I)_.J].C--I3@6B.?B"3^=1)?
M9]IR4/8B*C*_$RX1CT.16!,O@%>UN"=BYP]!^ZV1:$.(*'$A23S"AD&M?N>A
M;!<LJ,/PSA_OCG9].7TJJ.D]1V8[[#?UNMC_`&>5Q'ZCZ"H<G5FM;4"F=9&E
M8_UB6E%)]4DBJWR-K^HW]5N8^)*'7AS@^ND^Q_[7Q)[*5;\Q;O[/DZSQ'J#6
M(]EJFD%R5?&FFT\5*[G`'J55"D]H.IWP0TRW'SU;CDGZYJCF+U#=TJ?F&=(;
M0-RBXE6Q(\_(5I.=C_ZL)7HX8NU=N^G:T?0$_:EU_3UPBS;<&8UP$\Q"&7']
MNW>0.?RZU:US+LIDJ3<9\3/LN-)<Q[P<?K73:Z,#]<8*\EVIB_A<IT8-CGW5
M%JW4#NG+8U+9CH?4X\&MJE$#B"<_2JBZZ^<@V6V3V83;KDYM2UH*R`@)P#]3
M4GM`0ERW6U"ONJN+0/PXUH4J,[]EW)EW.VT_TR,^:GE$_05K3RO:X@'HNOV9
MA8TT$;Y&[ZM^=P=A\D+JMSN_V;IUVZJ;"BAD+"">!4<8'S-8M+WU6H;0)CC*
M670XIM;:3G:1_P"B*HM9S"WINTPTMK=5*=:RVV,J6E(!(`\\XKXT%-!O-\A^
M'=C!;PD(8=&%("N8(_\`&K>]/?!M[+1_!-_`/FK\P-@^0(%>Y^%B1VA7(,/3
MG+,A4%B1W+KB'O:2?@:O=1:F59HEOD1F$OIFNI0-Q(PDC.:YHA$E5N=2]*+=
MJ>NO=R$H2-P//=GX?E6Z=H32&8-D::&$(EH2D>X#A5+)7ECC?@NGD8.*W)B8
M&BB7<7P`.;ZWX=%9ZKU4K34FWI\.EUJ4I0<45$%`!3DCYU+ME\7/O]SMI90E
MN%W90X%9*]PS5)KB$BY7VQ0G."7^_1GR)2,'YU"[.''W+M=O%`]^VAII>>>4
MY3^E6]X_OM/2_P!%H#$@/9W?`?F#;/J^@?8$*7"UAJ&YNR!;[`U(;8>+2EA_
M;C!]];J,X&>!KFVC(DAV=.?;O9A,M3B5Q\##W'/4^E=*K/'+G-MQ5':T<44P
MCB``'A=].;V]EK.H=33[7>XEJM]O;ENRFRM(6YMXY/#Z5]VG5?VIIZ=</"]S
M)@A8=84K(W)3GGY&J36#<UW7=F;MSR&92F#W;C@RE)RKF*LH>G3I[1]V;>D"
M1(D,NNNN`8!.P\!_CK6`?(7N\!?V6PZ#%;BQ6!K=7C9_,0;Z57K:B6_7LUQ<
M!VX6E+,*>YW;3[;N<*SCB/C5KJ/4LFV3XEKMD(3)\H%24*5A*4CJ?D?E6B6%
MAY^9IR/<Y)-O<6MR,A(`PL*/LD]<D#YUL]U(C]JML>>4$-N12E*E'`SA?#_'
MG5;)7EFYZCY6UD8>-'DTU@V:\UO1HFO.]MZ5UIO4?V[;'WW(_<28RU-O,YR`
MH#I6O0^T6:J.B?-LNRW%[N52&G,[%?`UDT+E;FHWTG+2Y*@DCD?O']16LM/L
MCLMD1RXGOG+A[#>?:/W>E#*_2TWT/PIBP<?OY&%EC4P==@X$FOIYKH.I=1KL
M;4!QAE#XEOAO*E$8!ZBLJ+XXK5[EC[A/=HBA_O<\2<@8QZUK>N$*CV73P>]D
MM/MAPGH0D9_(U.BN-O\`:C)6RM+B4VX`E)R!Q%6F1VNO,+1;BQ?A0^K.E^_F
M"`%Y=M97!FZ38EHM:9C=N1NE.*7C'GCX>O(U*N.J9:-/1+S:[;XIEY!6\%*Q
MW(`XYQ[\_*J;3TF-;KYJPW!2=J5EQ:%8RM&5'`SSX$?.KN7)AR^SZ3(@1O#1
MG(BU-M;`G:./0<*Q:YS@3J\?@JR6&&*2-@BL`M%[T=3;-[\WN*7Q8-43;C:Y
M5SN-N$2&RUWK;B5;N\`SNQ\JPV/5MTN4Z-XFR+:@S=WAWVSNVX_%Y#Y5DTVN
M(WV;QU3SMB^'6'C@GV2I0/*J"U/2M-7RUQK?=1<+3<U?RVE?>;!ZXZ$9]<'A
M4:W`,)/\/Z+,8T$CIVMC`()`YJ@#P?\`EM>ZZ12E*W5YQ1+G,7`@N26HCTM:
M<`,LC*E$G%:^NXZVF`JBV6'"0>7B'MROH:VNJ5[6&GH[JVG;HTEQ"BE2<*)!
M',<JJ?75U+>Q2ZB&0AY^A/P#2I5N]HC7M^'MSP_"DC]2*Q?QS>;8H"^Z<=:1
MU=9S@?/(^M;+%U-8YBML>ZQ5*/(%823\ZLO96CHI*A\016`83NQY^ZV'9+6G
M3D8[1]`6G^>BU^+KS3<I`/VBED_A=04D?I6=>L].-IW&[,'_`)23^0K'<=$Z
M?N:BMV`EIP\2M@[#\AP^E43W93;E*)8N,EL>2DI5^U03D#@`JR-G9+]W/>WV
M/R`I5P[3;/'01";?F+Z83L3\SQ^E:)?]7734!V2'$M1@<B.UP3Z^=7]PT)I^
MQM=]=+ZZD#DVA"0M7P'$UILYR(Y*48+"V8XX(2XO<L^\GS^%:&1)-5/->2]-
MV7B]GWKQVDU_L1]KKX"VWLL;4J^RW/[41L'U4/VKJ=:3V86Q46S/SW$X5+<P
MC/X$\,_,GY5NU;^*W3$+7E^VY1+G/KI0]N?E0[C:X=U;:1,;+B670ZC"B,*'
M(\/C421IBT2FIC3L8E,UT.OX61N4.1Y\*AZO_FJM,-Y13$DS4HD844A0P2$D
MCH3^56&G4L(L<=$:8N8RG<EMY8P2`H\/3EZ5G^5SRTA:W]6+';(UY%G@70W\
M?&QQZK__T.JO62!(E0I+K14Y`']/[9PGTZ\NM&[-!:O#EW;:*9;R-BUA1PH<
M.G+H*K];/.LZ7D%I:D;EMH6I)P0DK`/'X</6L6C_`.4;M$:43%C3E(CY45!*
M<`X!\OWJDENO32Z+8Y3BF;6>HKRL7\GCU4G^$+)]GOP/"$QWW>^6GO%9*_,'
M/"I4ZPV^Y1XS$ME3B(J@IKVR""!@<>M9;P2+).()!$9SB.GLFM6[/@YOF>PJ
M.VEE@%A3A7E11DN<>6[/2H.D.#*Y64??R0NR#(;:?'QH>*VF7:H<V;%F/ME3
MT,E3*MQ&TGGPZ\J^8EG@P9\J=&9[M^807E;CA1'NZ5./*M$T+"G&6F>EI;40
MM.(=6IW=XA?>'!"<\,#A63B`\"N55"Q\D#W&2@VA7C=FN?$>>_NK=>@-../*
M=5"45J45$]\OGG/G6Q@`#`Z5[7/;8\[_`!3&E=ZLRY%RE,/I*R<MI3[(V^0Z
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MIZ#*1)9MX+B#E)6M2@#YX)Q5^""`0<@\JU36-NC2[E9%/(42[,2PO#BDY003
MC@?.ID#0VZ!I8XLDLDI;WA;JNR.M`G?<6K^YVJ%>8:HD]D/-$YQD@@^8(Y&H
MUETW:[`ES[/CE"G?OK4HJ41Y9-6@&``.0J@EJ4->V].3M,%TXSP^\*EP:"'5
MNJX72O8Z(/(;1-=-A?"RW31]DO,T3)D3<]P"E)64[\>>.=63UOBO6Y5O4T!&
M4WW9;3P`3C&!CE4FN>O.N#5!F!Q?C$WM,4#O#_F"CEM\NM8O+6;URK\=LV4-
M)D-,%CK7SM]5N\2UPX5L3;661X5*"CNU'<"#G(.>?,U76S1UCM$_QL.'M>X[
M2I94$9\@>57E<[UL])8ODMUI2^Z5":9=`)X!2SA7S2!ZU$I:P!Q%TF"V?)D=
M$V0C5SY[]?'E=$I7B/NCX"E7KFKVN:=HVEEMO*OL-!+:\>*2G^T_C^!ZUTNO
M%)2M)2I(4E0P01D$55+$)&Z2MW!S7X<PE9ZCQ"_.^`??5A;K[=;5@09[S*?P
M!64_(\*W74O9NI;BY=B*1NXJBK.!_P!I_0UH4R#+MSI:FQG8ZQT<01_]KBOB
MDA.Z^B8^9BY\?Y2#Y'GV5_\`Y1-2[=OBV_CW"<U#DZPU#+!2[=7TI/1O"/R`
MJER/.O4)4XH(;25J/)*1DFH,LAVU%6-P<5AL1M'H$6I3JRMQ:EK5S4HDD^M6
MNF]/R-1W1$9K*6$'<^[C@A/[GI5I8NSZ[71:'9B3!BGB2X/YBA[D_O74;5:(
M5EA)B060VV.)/-2CYD]36Q!BN>=3^%R>T^VHL=AC@-O\N!_/#W4F-':B1FX[
M"`AII(2A(Z`5DI2NPO`DDFRL$V#%N,8QID=#[*B"4+&1FOMAAJ,RAAAM+;38
M"4(2,!(\A62E10NU.IVG3>RQOL-26%L/MI=:<&U2%C(4*^(<&+;XR8T..AAE
M))"$#`S6>E*%VFIVG3>R^7&T/-+:<2%H6DI4D\B#S%88]OAQ7"Y'C-M++:6R
M4C'LI^Z/@*D4I00.<!0.R5BC18\)A+$9E#+222$(&`,G)^M9:5*BS5)41NU6
M]JX+N#<-E,MP84\$#<?6I=*@@%2'.;='E*B.VN`^XXX[$:6MQ2%K44\5*3]T
M^G2I=*$`\HUSF[M-)49ZVPI"GE/16W#(0&W2I.=Z1R!]W&I-*$`\HUQ;N#2\
M0A+:$H0,)2,`#H*Q/Q(\E;2WV4.*97WC94,[%>8]]9J5-*`X@V"E851(ZY:)
M:F4%]"2A+A'M!)YBLU*("1PE1#:H!N(N)ALF6!@/;!N\N=2Z5!`/*EKG-_M-
M)461;(,I3JI$5ITO("'"I.=R0<@'X'C4JE"`>4:YS3;328Q2E*E8I2E*(E?#
MK+3Z-CS:'$'FE:01]:4H@-;A5R],V):]RK1")\^Y34N-;H4+_18C#'_3;"?R
MI2L0UHX"M=-*X4YQ(^JDTI2LE4E*4HB4I2B)2E*(E*4HB4I2B)2E*(E*4HB4
:I2B+_]'LE*4HB4I2B)2E*(E*4HB4I2B+_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
