<SEC-DOCUMENT>0001654954-18-004941.txt : 20180509
<SEC-HEADER>0001654954-18-004941.hdr.sgml : 20180509
<ACCEPTANCE-DATETIME>20180509163538
ACCESSION NUMBER:		0001654954-18-004941
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180509
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180509
DATE AS OF CHANGE:		20180509

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RELM WIRELESS CORP
		CENTRAL INDEX KEY:			0000002186
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663]
		IRS NUMBER:				593486297
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1209

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32644
		FILM NUMBER:		18818870

	BUSINESS ADDRESS:	
		STREET 1:		7100 TECHNOLOGY DRIVE
		CITY:			WEST MELBOURNE
		STATE:			FL
		ZIP:			32904
		BUSINESS PHONE:		321-984-1414

	MAIL ADDRESS:	
		STREET 1:		7100 TECHNOLOGY DRIVE
		CITY:			WEST MELBOURNE
		STATE:			FL
		ZIP:			32904

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ADAGE INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rwc_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
WASHINGTON, D.C. 20549</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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Pursuant to Section&#xA0;13 or 15(d) of the Securities Exchange Act
of 1934</font></div>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;"><font style="color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
Date of Report (Date of Earliest Event Reported):</font>
<font style="font-weight: bold; font-family: Times\ New\ Roman; font-size: 13px;">
May 9, 2018</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 32px">
RELM Wireless Corporation</font></div>
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(Exact name of registrant as specified in its charter)</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
Nevada</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
001-32644</font></div>
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59-3486297</font></div>
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(State or other jurisdiction</font></div>
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(Commission</font></div>
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(I.R.S. Employer</font></div>
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of incorporation)</font></div>
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File Number)</font></div>
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Identification No.)</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
7100 Technology Drive, West Melbourne, FL</font></div>
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32904</font></div>
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(Address of principal executive offices)</font></div>
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(Zip Code)</font></div>
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&#xA0;&#xA0; Registrant&#x2019;s telephone number, including area
code:</font> <font style="font-weight: bold; color: rgb(0, 0, 0); font-family: Times\ New\ Roman; font-size: 13px;">
(321) 984-1414</font></div>
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N/A</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Former name or former address, if changed since last
report</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
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:</font></div>
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[&#xA0;&#xA0;]&#xA0;&#xA0;Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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[&#xA0;&#xA0;]&#xA0;&#xA0;Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[&#xA0;&#xA0;]&#xA0;&#xA0;Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
[&#xA0;&#xA0;]&#xA0;&#xA0;Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933
(&#xA7;&#x2009;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#xA7;&#x2009;240.12b-2 of this
chapter).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Emerging
growth company&#x2003;<font style="color: #000000">[&#xA0;&#xA0;]&#xA0;&#xA0;</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.&#x2003; <font style="color: #000000">[&#xA0;&#xA0;]&#xA0;&#xA0;</font></font></div>
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<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="id_3"><!--anchor--></a></font></div>
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<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
2.02&#xA0;&#xA0;&#xA0; <font style="text-decoration: underline">Results of Operations and Financial
Condition</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">On May
9, 2018, RELM Wireless Corporation (the &#x201C;Company&#x201D;)
announced its financial and operating results for the first quarter
ended March 31, 2018 in the press release furnished as Exhibit 99.1
to this Current Report on Form 8-K and incorporated herein by
reference.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">The
information contained in Item 2.02 to this Current Report on Form
8-K, including the exhibit, is being &#x201C;furnished&#x201D; and,
as such, shall not be deemed to be &#x201C;filed&#x201D; for the
purposes of Section&#xA0;18 of the Securities Exchange Act of 1934,
as amended (the &#x201C;Exchange Act&#x201D;), or otherwise subject
to the liabilities of that section, nor shall it be incorporated by
reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Item 9.01</font>&#xA0;&#xA0;&#xA0; <font style="font-weight: bold; text-decoration: underline">Financial
Statements and Exhibits</font><font style="font-weight: bold">.</font></font></div>
<div style="text-align: left; margin-left: 96px; margin-right: 0px; text-indent: -96px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Exhibits.</font></div>
</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><a href="rwc_ex991.htm">
99.1</a>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Press
Release dated May 9, 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURE</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></div>
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<div><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">RELM
WIRELESS CORPORATION</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-family: Times New Roman; font-size: 13px">Date: May 9,
2018</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/</font>
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">William P.
Kelly</font>&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">William
P. Kelly</font></td>
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<font style="font-family: Times New Roman; font-size: 13px">Executive Vice
President and</font> <font style="font-family: Times New Roman; font-size: 13px">Chief Financial
Officer</font><font style="font-family: Times\ New\ Roman; font-size: 13px;"><br></font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rwc_ex991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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<title>Blueprint</title>
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Exhibit 99.1</font></div>
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Company Contact:</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
RELM Wireless Corporation</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
William Kelly, EVP &amp; CFO</font></div>
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<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
(321) 984-1414</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px">
RELM Wireless Reports First Quarter 2018 Results</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">WEST
MELBOURNE, Florida -- May 9, 2018 -- RELM Wireless Corporation
(NYSE American: RWC) today announced financial and operating
results for the first quarter ended March 31, 2018.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For the
first quarter ended March 31, 2018, revenues increased
approximately 59.2% to approximately $11.7 million, compared with
approximately $7.4 million for the first quarter of 2017. The
Company recognized operating income of approximately $748,000 for
the first quarter of 2018, an increase of approximately 162% from
an operating loss totaling approximately $1.2 million for the first
quarter last year. The net loss for the first quarter of 2018 was
approximately $443,000, or $0.03 per diluted share, compared with a
net loss of approximately $1.3 million, or $0.09 per diluted share,
for the same quarter in 2017.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
financial results for the first quarter of 2018 include a loss on
the sale of securities totaling approximately $849,000, and a loss
of approximately $297,000 on an investment. There were no
comparable transactions during last year&#x2019;s first
quarter.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company had approximately $22.9 million in working capital as of
March 31, 2018, of which $15.8 million was comprised of cash, cash
equivalents and trade receivables. This compares with working
capital of approximately $26.7 million as of December 31, 2017, of
which $12.7 million was comprised of cash, cash equivalents and
trade receivables. As of March 31, 2018, the Company had no
borrowings outstanding under its revolving credit
facility.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Tim
Vitou, RELM&#x2019;s President, commented, &#x201C;We are very
pleased with our operating results for the first quarter,
particularly our sales performance, which built upon the momentum
of 2017. This was one of our best first quarters for sales,
exceeded only by 2016, which was driven primarily by our TSA
contract. Conversely, the sales for this year&#x2019;s first quarter
were sourced from a wide range of federal, state and international
customers. Operationally, gross profit margins increased
significantly compared with last year&#x2019;s first quarter as we
realized some benefits from initiatives in manufacturing
operations, as well as a more favorable mix of product sales. On
the strength of these improvements, we generated operating income
versus last year&#x2019;s operating loss. Furthermore, we continued
to invest in engineering, progressing toward the anticipated
introduction of a new line of leading-edge products later this
year.&#x201D;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Vitou continued, &#x201C;Below operating income, we reported a loss
on the sale of our remaining shares of Iteris. This reporting is
the result of a change in accounting guidance, and does not reflect
the actual economics of our investment. We originally invested $3.2
million in Iteris stock that was ultimately sold for approximately
$11.0 million in cash, which supplemented our working capital and
enabled us to make another strategic investment. Although that
investment generated a loss in the first quarter of 2018, we
believe the future for this investment is favorable. Overall, I am
encouraged by our outlook for sales and new products, and the trend
of improvements in our operations, all of which should yield growth
and enhanced shareholder value.&#x201D;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Conference Call and Webcast</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will host a conference call and webcast for investors at
9:00 a.m. Eastern Time, on Wednesday, May 9, 2018. Shareholders and
other interested parties may participate in the conference call by
dialing 877-407-8031 (international/local participants dial
201-689-8031) and asking to be connected to the &#x201C;RELM
Wireless Corporation Conference Call&#x201D; a few minutes before
9:00 a.m. Eastern Time on May 9, 2018. The call will also be
webcast at <font style="text-decoration: underline; color: #0000FF">http://www.bktechnologies.com</font>.
Please allow extra time prior to the call to visit the site and
download any necessary software to listen to the Internet webcast.
An online archive of the webcast will be available on the
Company&#x2019;s website for 30 days following the call at
<font style="text-decoration: underline; color: #0000FF">http://www.bktechnologies.com</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
replay of the conference call will be available one hour after the
completion of the call until May 18, 2018 by dialing 877-481-4010
PIN#28104 (international/local participants dial 919-882-2331
PIN#28104).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
About RELM Wireless</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As an
American manufacturer for over 70 years, RELM Wireless is deeply
rooted in the public safety communications industry, manufacturing
high-specification communications equipment of unsurpassed
reliability and value for use by public safety professionals and
government agencies. Advances include a broad new line of leading
digital two-way radios compliant with APCO Project 25
specifications. RELM Wireless&#x2019; products are manufactured and
distributed worldwide under BK Radio and RELM brand names. The
Company maintains its headquarters in West Melbourne, Florida and
can be contacted through its web site at www.bktechnologies.com or
directly at 1-800-821-2900. The Company&#x2019;s common stock trades
on the NYSE American market under the symbol
&#x201C;RWC&#x201D;.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
About APCO Project 25 (P25)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">APCO
Project 25 (P25), which requires interoperability among compliant
equipment regardless of the manufacturer, was established by the
Association of Public-Safety Communications Officials and is
approved by the U.S. Department of Homeland Security. The shift
toward interoperability gained momentum as a result of significant
communications failures in critical emergency situations. RELM was
one of the first manufacturers to develop P25-compliant
technology.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Forward-Looking Statements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
This press release contains certain forward-looking statements that
are made pursuant to the &#x201C;Safe Harbor&#x201D; provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements concern the Company&#x2019;s operations,
economic performance and financial condition and are based largely
on the Company&#x2019;s beliefs and expectations. These statements
involve known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors and risks
include, among others, the following: changes or advances in
technology; the success of our LMR product line; successful
introduction of new products and technologies; competition in the
land mobile radio industry; general economic and business
conditions, including federal, state and local government budget
deficits and spending limitations; the availability, terms and
deployment of capital; reliance on contract manufacturers and
suppliers; heavy reliance on sales to agencies of the U.S.
government; our ability to utilize deferred tax assets; retention
of executive officers and key personnel; our ability to manage our
growth; our ability to identify potential candidates for, and
consummate, acquisition or investment transactions, and risks
incumbent to being a minority stockholder in a corporation; impact
of our capital allocation strategy; government regulation; our
business with manufacturers located in other countries; our
inventory and debt levels; protection of our intellectual property
rights; fluctuation in our operating results; acts of war or
terrorism, natural disasters and other catastrophic events; any
infringement claims; data security breaches and other factors
impacting our technology systems; availability of adequate
insurance coverage; maintenance of our NYSE American listing; and
the effect on our stock price and ability to raise equity capital
of future sales of shares of our common stock. Certain of these
factors and risks, as well as other risks and uncertainties, are
stated in more detail in the Company&#x2019;s Annual Report on Form
10-K for the fiscal year ended December 31, 2017 and in the
Company&#x2019;s subsequent filings with the SEC. These
forward-looking statements are made as of the date of this press
release, and the Company assumes no obligation to update the
forward-looking statements or to update the reasons why actual
results could differ from those projected in the forward-looking
statements.</font></div>
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<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">RELM
WIRELESS CORPORATION</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
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</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 100%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Condensed
Consolidated Statements of Operations</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 100%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-style:italic;font-family:Times New Roman;">
(In Thousands, Except Per Share Amounts) (Unaudited)</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align: bottom; width: 100%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 24%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times\ New\ Roman;">Three Months
Ended</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 5%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times\ New\ Roman;">3/31/2018</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times\ New\ Roman;">3/31/2017</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Sales,
net</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11,746</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,380</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Expenses:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Cost of
products</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6,909</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,143</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Selling, general
and administrative expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">4,089</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,443</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Total
expenses</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10,998</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,586</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Operating (loss)
income</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">748</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,206</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
(expense) income:</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net interest
income</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">17</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Loss on
Available-for-sale securities and investment</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,146</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Loss on disposal of
property, plant and equipment</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(104</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Other (expense)
income</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(168</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(87</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">(Loss) income
before income taxes</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(549</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,389</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Income tax benefit
(expense)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">106</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">121</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net (loss)
income</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(443</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,268</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net (loss) earnings
per share - basic</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.03</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.09</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Net (loss) earnings
per share - diluted</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.03</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.09</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:4px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Weighted average
common shares outstanding, basic</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,754</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,734</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Weighted average
common shares outstanding, diluted</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,754</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">13,734</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 2px; background-color: #000000">
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;"><a name="range!a1:d53"><!--anchor--></a>RELM WIRELESS
CORPORATION</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Condensed
Consolidated Balance Sheets</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="3" style="vertical-align:bottom;width:100%;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-style:italic;font-family:Times New Roman;">
(In Thousands, Except Share Data)</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;March
31,</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;December
31,</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;padding-bottom:2px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;2018</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times\ New\ Roman;">&#xA0;2017</font></div>
</font><font style="text-align: left; padding-bottom: 2px; width: 10%; vertical-align: bottom; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="text-decoration: underline"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ASSETS</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Current
assets:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Cash and cash
equivalents</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,058</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,147</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Available-for-sale
securities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9,184</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Trade accounts
receivable, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">7,708</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,524</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Inventories,
net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">15,318</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">14,358</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Prepaid expenses
and other current assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">760</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">772</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Total current
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">31,844</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">36,985</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Property, plant and
equipment, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,151</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,201</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Investment - FGI
1347 Holdings LP</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,036</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Deferred tax
assets, net</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,423</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,317</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Other
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">273</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">298</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">40,727</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">42,801</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="text-decoration: underline"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">LIABILITIES
AND STOCKHOLDERS' EQUITY</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Current
liabilities:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,855</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,971</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accrued
compensation and related taxes</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,288</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,364</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accrued warranty
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,447</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,389</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accrued other
expenses and other current liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">956</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,159</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Dividends
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">271</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">273</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Deferred
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">166</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">157</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Total current
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,983</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10,313</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Deferred
revenue</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">753</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">481</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9,736</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10,794</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Commitments and
contingencies</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Stockholders'
equity:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Preferred stock;
$1.00 par value; 1,000,000 authorized</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">shares; none issued
or outstanding</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Common stock; $0.60
par value; 20,000,000 authorized</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">shares; 13,844,584
issued and outstanding shares at</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">March 31, 2018 and
December 31, 2017, respectively</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,307</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8,307</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Additional paid-in
capital</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">25,697</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">25,642</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accumumulated
(deficit) earnings</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,846</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(5,450</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Accumulated other
comprehensive income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,318</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Treasury Stock, at
cost, 285,514 and 192,094 at March 31, 2018</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">and December 31,
2017, respectively</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(1,167</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(810</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:2px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Total stockholders'
equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">30,991</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">32,007</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;width:10%;padding-bottom:2px;font-size:13px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;padding-bottom:4px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
liabilities and stockholders' equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">40,727</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font><font style="text-align: left; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:5%;font-family:Times New Roman;font-size:13px;">$</font><font style="text-align: right; border-bottom:double 4px #000000;font-weight:bold;vertical-align:bottom;display:inline-block;width:75%;font-family:Times New Roman;font-size:13px;">42,801</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;display:inline-block;font-weight:bold;padding-bottom:4px;width:10%;font-size:13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
