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<SEC-DOCUMENT>0001181431-07-073941.txt : 20071207
<SEC-HEADER>0001181431-07-073941.hdr.sgml : 20071207
<ACCEPTANCE-DATETIME>20071207144702
ACCESSION NUMBER:		0001181431-07-073941
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071207
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071207
DATE AS OF CHANGE:		20071207

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OYO GEOSPACE CORP
		CENTRAL INDEX KEY:			0001001115
		STANDARD INDUSTRIAL CLASSIFICATION:	MEASURING & CONTROLLING DEVICES, NEC [3829]
		IRS NUMBER:				760447780
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-36727
		FILM NUMBER:		071292226

	BUSINESS ADDRESS:	
		STREET 1:		7007 PINEMONT DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77040
		BUSINESS PHONE:		7139864444

	MAIL ADDRESS:	
		STREET 1:		7007 PINEMONT DR.
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77040
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rrd181322.htm
<DESCRIPTION>2007 YEAR END RESULTS
<TEXT>


<html><head>
<title>Prepared By R.R. Donnelley Financial -- Form 8-K</title>
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<b>UNITED STATES </b></font></div>

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<b>SECURITIES AND EXCHANGE COMMISSION </b></font></div>

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<b>Washington, D.C. 20549 </b></font></div>

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<b>Form 8-K </b></font></div> <div><font Size="1">&nbsp;</font></div>

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<b>Current Report </b></font></div>

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<b>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </b></font></div>

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<b>Date of Report (Date of earliest event reported):&nbsp;&nbsp;12/07/2007 </b></font></div>




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<b>OYO GEOSPACE CORPORATION </b></font></div>

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<b>(Exact name of registrant as specified in its charter)</b></font></div>

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<b>Commission File Number:&nbsp;&nbsp;333-36727</b></font></div>

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<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>DE</b></font>
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<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>76-0447780</b></font>
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<b>(State or other jurisdiction of</b></font>
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<div Align="center"><font Face="times New Roman" Size="2" Color="#000000"><b>(IRS Employer</b></font>
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<b>incorporation)</b></font>
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<b>Identification No.)</b></font>
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<b>7007 Pinemont Drive, Houston, TX 77040</b></font></div>


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<b>(Address of principal executive offices, including zip code)</b></font>
</div>

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<b>(713) 986-4444 </b></font>
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<b>(Registrant&#146;s telephone number, including area code)</b></font>
</div>



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<b> </b></font>
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<b>(Former name or former address, if changed since last report) </b></font>
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<b>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:<BR><BR>
</b></font>


</div>



<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<b>[&nbsp;&nbsp;]&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>

[&nbsp;&nbsp;]&nbsp;&nbsp;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>


[&nbsp;&nbsp;]&nbsp;&nbsp;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</b>

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<b>Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</b></font>
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On December 7, 2007, OYO Geospace Corporation issued a press release regarding its operating results for fiscal year 2007.  The press release is attached as Exhibit 99.1.  The foregoing description of the press release is qualified by reference to such exhibit.</font>
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<b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></font>
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Exhibit 99.1  Press Release dated December 7, 2007.</font>
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<b>Signature(s) </b></font>
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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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	</font>
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	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	OYO GEOSPACE CORPORATION</font>
	</div>	</td>
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	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Date: December 07, 2007</font>
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	By:</font>
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	<td Valign="top" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	/s/&nbsp;&nbsp;&nbsp;&nbsp;Thomas T. McEntire</font>
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	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Thomas T. McEntire</font>
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	<td Valign="bottom" Width="53%">
	<div><font Face="times New Roman" Size="2" Color="#000000">Chief Financial Officer</font>
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</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>



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<b>Exhibit Index </b></font>
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	<b>Exhibit&nbsp;No.</b></font>
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	<b>Description</b></font>
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	EX-99.1</font>
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	Press Release dated December 7, 2007.</font>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd181322_22529.htm
<DESCRIPTION>PRESS RELEASE DATED DECEMBER 7, 2007.
<TEXT>
<HTML>
<HEAD>
<TITLE>Fulbright &amp; Jaworski Document</TITLE>
<META NAME="_AdHocReviewCycleID" CONTENT="2031095192">
<META NAME="_EmailSubject" CONTENT="OYO Geospace Quarterly Earnings">
<META NAME="_AuthorEmail" CONTENT="spresley@oyogeospace.com">
<META NAME="_AuthorEmailDisplayName" CONTENT="Shirley Presley">
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<META NAME="xB" CONTENT="07 year end Press Release.doc">
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<BODY>
<B><I><FONT FACE="Syntax UltraBlack" SIZE=6><P>OYO GEOSPACE</B></I></FONT><FONT SIZE=3>                                                   </FONT><B><FONT FACE="Arial" SIZE=6>News Release</P>
</B></FONT><FONT FACE="Arial" SIZE=1><P>7007 Pinemont Drive</P>
<P>Houston, Texas  77040 USA</P>
<P>Contact:</P>
<P>Gary D. Owens</P>
</FONT><FONT FACE="Arial" SIZE=1><P>Chairman, President &amp; CEO</P>
<P>TEL:  713.986.4444</P>
<P>FAX: 713.986.4445</P>
</FONT><B><U><FONT FACE="Arial" SIZE=4><P>FOR IMMEDIATE RELEASE </P>
</U></FONT><FONT FACE="Arial" SIZE=4><P ALIGN="CENTER"><BR>
</FONT><FONT SIZE=4>OYO GEOSPACE REPORTS FISCAL YEAR 2007 RESULTS</P>
</FONT><P ALIGN="CENTER">Company Reports Record Annual Results</P>
</B><FONT SIZE=3>
<P ALIGN="JUSTIFY">Houston, Texas - December 7, 2007 - OYO Geospace (NASDAQ: OYOG) today announced net income of $19.6 million, or $3.23 per diluted share, on revenues of $138.1 million for its fiscal year ended September 30, 2007.  This compares with a net income of $9.8 million, or $1.64 per diluted share, on revenues of $103.7 million for the prior fiscal year.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">For the fourth quarter ended September 30, 2007, OYO Geospace recorded sales of $30.8 million and net income of $4.9 million, or $0.81 per diluted share. For the comparable period last year, the company recorded sales of $29.0 million and a net income of $3.5 million, or $0.58 per diluted share.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;We have just reported the best annual financial performance in our company's history.  Increased demand by oil and gas companies for seismic services fueled increased demand for our seismic exploration products.  Our seismic reservoir characterization technologies were also in high demand in fiscal year 2007, which included the sale of a large seabed data acquisition system for BP's Azeri complex in the Caspian Sea, the sale in our fourth fiscal quarter of additional retrievable seabed cables to augment the Bureau of Geophysical Prospecting's (BGP) existing system and increased demand for our seismic borehole data acquisition products.  Our emerging technology products, including offshore cables, industrial cables and industrial sensors also generated record revenues during the fiscal year,&quot; said Gary D. Owens, OYO Geospace's Chairman, President and CEO.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;We also delivered outstanding financial results in our fiscal fourth quarter.  In addition to continued strong demand for our seismic exploration products, a significant contributor to the fourth quarter's performance was a $3.1 million sale of a 15 kilometer retrievable seabed system to complement BGP's existing $7.0 million retrievable seabed system which we sold to BGP in last year's fourth fiscal quarter.  Demand for our seismic borehole technologies remained strong during the quarter which resulted in, among others, a sale of a borehole system to a multi-national oilfield service provider,&quot; continued Owens.  Mr. Owens noted, however, that the company expects that its quarterly results of operations will continue to fluctuate significantly and are particularly affected by the presence or absence of large sales of seismic reservoir monitoring products, including borehole systems in a specific quarter.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;As previously announced, our fourth fiscal quarter results include the partial sale of a surplus property formerly used by our Russian subsidiary for manufacturing purposes.  The property was vacated several years ago when we relocated our Russian manufacturing operations to a larger and better equipped facility in the same city of Ufa.  As a result of this partial sale, we recorded a pretax gain of $1.7 million, or $0.21 per diluted share. We expect to sell our remaining ownership in this surplus property in the coming months,&quot; said Owens.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;During the final week of September 2007, the seismic industry held its annual meeting and exhibition in San Antonio, Texas.  At the exhibition, we introduced our new land seismic data acquisition system:  the Geospace Seismic Recorder (&quot;GSR&quot;).  The GSR is a wireless autonomous recording system and is offered in four configurations to serve both the seismic exploration and seismic reservoir markets.  We will begin manufacturing the GSR during the second quarter of fiscal year 2008.  We believe the new GSR product line will significantly contribute towards our internal growth plans,&quot; Owens continued.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;We completed the construction of our new 170,000 square foot expansion facility in Houston, including approximately 130,000 square feet of manufacturing space.  During the next several months, we will continue assembling new cabling equipment and relocating our existing equipment into the new facility.  This phase of our plant expansion will continue well into fiscal year 2008 and will proceed as fast as possible.  The new expansion facility and equipment will allow us to increase our existing capacity on our existing product lines and provide the opportunity to focus on and introduce new products,&quot; Owens continued.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;We continued the development of our non-seismic sensor and cable products and capabilities during fiscal year 2007.  New products were added throughout the fiscal year which resulted in our addition of new customers who operate in markets we have not historically served.  Compared to the prior year, sales of our offshore cable products grew 87% in fiscal year 2007 and are poised for another positive year of growth in fiscal year 2008.  A portion of our new facility will be utilized to increase our offshore cable manufacturing capacity and capabilities in anticipation of projected growth into this market.  Revenues from the sale of our industrial sensor and cable products grew 10% in fiscal year 2007, and we expect to introduce additional products targeted at the industrial market in fiscal year 2008, adding product diversity to our revenue growth in this area in the coming years,&quot; continued Owens.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;Our thermal solutions product revenues increased slightly in fiscal year 2007 generating a 13% increase in operating profits for this portion of our business.  We believe our new direct-to-screen technologies will again improve our performance in our thermal solutions business sector in the coming year,&quot; continued Owens.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;We are proud of our fiscal year 2007 achievements and, with our increased manufacturing capacity, newly engineered products and the increasing acceptance of our proven technologies, we are encouraged about our future prospects given current market conditions</FONT><FONT SIZE=2>,</FONT><FONT SIZE=3>&quot; said Owens.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">OYO Geospace designs and manufactures instruments and equipment used by the oil and gas industry in the acquisition and processing of seismic data as well as in reservoir characterization and monitoring activities. The company also designs and manufactures equipment and film for the thermal printing industry worldwide.</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY"></P>
</FONT><FONT SIZE=1><P ALIGN="JUSTIFY">This press release includes &quot;forward-looking statements&quot; within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included herein including statements regarding potential future products and markets, our potential future revenues, future financial position, business strategy, future expectations and other plans and objectives for future operations, are forward-looking statements. We believe our forward-looking statements are reasonable. However, they are based on certain assumptions about our industry and our business that may in the future prove to be inaccurate. Important factors that could cause actual results to differ materially from our expectations include the level of seismic exploration worldwide, which is influenced primarily by prevailing prices for oil and gas, the extent to which our new products are accepted in the market, the av
ailability of competitive products that may be more technologically advanced or otherwise preferable to our products, the resolution of the situation in the Middle East and other factors disclosed under the heading &quot;Risk Factors&quot; and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission. Further, all written and verbal forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.</P>
</FONT><FONT SIZE=3><P ALIGN="JUSTIFY"></P>
</FONT><FONT SIZE=1><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">M O R E</P>
</FONT><FONT SIZE=3><P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><B><FONT SIZE=2><P ALIGN="CENTER">OYO GEOSPACE CORPORATION AND SUBSIDIARIES</P>
<P ALIGN="CENTER">CONSOLIDATED STATEMENTS OF OPERATIONS</P>
</B><P ALIGN="CENTER">(in thousands, except share and per share amounts)</P>
<P ALIGN="CENTER">(unaudited)</P>
<P ALIGN="CENTER"></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=669>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=13><P></P></TD>
<TD WIDTH="34%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<B><U><FONT SIZE=2><P ALIGN="CENTER">Three Months Ended September 30,</B></U></FONT></TD>
<TD WIDTH="26%" VALIGN="TOP" COLSPAN=2 HEIGHT=13>
<B><U><FONT SIZE=2><P ALIGN="CENTER">Year Ended September 30,</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2007</B></U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2006</B></U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2007</B></U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2006</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">(unaudited)</B></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">(unaudited)</B></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">(unaudited)</B></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=28>
<FONT SIZE=2><P>Net sales</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=2><P ALIGN="RIGHT">$  30,755</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=2><P ALIGN="RIGHT">$  29,048</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=2><P ALIGN="RIGHT">$ 138,106</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=28>
<FONT SIZE=2><P ALIGN="RIGHT">$ 103,700</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Cost of sales</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">   20,098</U></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">    18,853</U></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">   87,599</U></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">    67,445</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Gross profit</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">10,657</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">10,195</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">50,507</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">36,255</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Operating expenses:</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Selling, general and administrative</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">4,473</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">3,612</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">16,728</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">15,120</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Research and development</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     1,654</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     1,440</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     7,327</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">      6,634</U></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="31%" VALIGN="TOP">
<FONT SIZE=2><P>Total operating expenses</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     6,127</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     5,052</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">   24,055</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     21,754</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>(Gain)/loss on sale of assets</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">    (1,667</U>)</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">            1</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">    (1,667</U>)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">            50</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=31>
<FONT SIZE=2><P>Income from operations</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=31>
<FONT SIZE=2><P ALIGN="RIGHT">6,197</FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=31>
<FONT SIZE=2><P ALIGN="RIGHT">5,142</FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<FONT SIZE=2><P ALIGN="RIGHT">   28,119</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<FONT SIZE=2><P ALIGN="RIGHT"> 14,451</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Other income (expense):</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="18%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="BOTTOM">&nbsp;</TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Interest expense</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> (29)</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">(185)</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">(424)</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">(800)</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Interest income</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">183</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">145</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">549</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">578</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Foreign exchange gains (losses)</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">32</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">5</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">  30</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">20</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="36%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Other, net</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">       (20)</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">        (47)</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">      (37)</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">          (2)</U></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=35><P></P></TD>
<TD WIDTH="31%" VALIGN="TOP" HEIGHT=35>
<FONT SIZE=2><P>Total other income (expense), net</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">        166</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">        (82)</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">       118</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">      (204)</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Income before income taxes</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">6,363</FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT">5,060</FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> 28,237</FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<FONT SIZE=2><P ALIGN="RIGHT"> 14,247</FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=31>
<FONT SIZE=2><P>Income tax expense</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">     1,449</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">      1,574</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">     8,638</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">      4,477</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$  4,914</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$  3,486</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$  19,599</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$    9,770</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Basic earnings per share</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$    0.84</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$   0.61</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$     3.38</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$      1.72</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Diluted earnings per share</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$    0.81</U></FONT></TD>
<TD WIDTH="18%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$   0.58</U></FONT></TD>
<TD WIDTH="12%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$     3.23</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$      1.64</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Weighted average shares outstanding - Basic</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,840,190</U></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,724,066</U></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,793,840</U></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,686,600</U></FONT></TD>
</TR>
<TR><TD WIDTH="40%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Weighted average shares outstanding - Diluted</FONT></TD>
<TD WIDTH="16%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">6,097,671</U></FONT></TD>
<TD WIDTH="18%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">6,011,949</U></FONT></TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">6,063,446</U></FONT></TD>
<TD WIDTH="14%" VALIGN="BOTTOM">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,955,912</U></FONT></TD>
</TR>
</TABLE>
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