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<SEC-DOCUMENT>0001181431-08-047128.txt : 20080808
<SEC-HEADER>0001181431-08-047128.hdr.sgml : 20080808
<ACCEPTANCE-DATETIME>20080808121632
ACCESSION NUMBER:		0001181431-08-047128
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080808
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080808
DATE AS OF CHANGE:		20080808

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:		081001329

	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>rrd215463.htm
<DESCRIPTION>THIRD QUARTER EARNINGS RESULTS
<TEXT>


<html><head>
<title>Prepared By R.R. Donnelley Financial -- Form 8-K</title>
</head>
<body Bgcolor="white">

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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>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<b>Current Report </b></font></div>

<div Align="center"><font Face="times New Roman" Size="4" Color="#000000">
<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;08/08/2008 </b></font></div>




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<div Align="center"><font Face="times New Roman" Size="5" Color="#000000">
<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>
</div>
</td>
<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Width="59%" Align="center">
<div Align="center"><font Face="times New Roman" Size="3" Color="#000000"><b>76-0447780</b></font>
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</td>
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<div Style="margin-left:2%; Text-indent:-2%" Align="center"><font Face="times New Roman" Size="2" Color="#000000">
<b>(State or other jurisdiction of</b></font>
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<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;&nbsp;</font>
</td>
<td Valign="bottom" Align="center" Width="59%">
<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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</td>
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<b>Identification No.)</b></font>
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</td>
</tr>

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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>
</div>

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



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<b> </b></font>
</div>

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


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</div>




<div Align="left"><font Face="times New Roman" Size="2" Color="#000000">
<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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<p Align="center">





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<b>Item 2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</b></font>
</div>

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</div>

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On August 8, 2008, OYO Geospace Corporation (the "Company") issued a press release regarding its earnings results for the third fiscal quarter. The press release is attached hereto as Exhibit 99.1. The foregoing description is qualified by reference to such exhibit.</font>
</div>

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<b>Item 9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</b></font>
</div>

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</div>

<div  align="left" Style="text-indent:4%"><font Face="times New Roman" Size="2" Color="#000000">
Exhibit 99.1 Press Release dated August 8, 2008.</font>
</div>

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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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	<td Valign="top" Colspan="3" Width="53%"> <div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000"></font>
	</div>
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	</td>
	<td> <font Size="1">&nbsp;</font>
	</td>
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	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<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>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>
<tr>
	<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: August 08, 2008</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font>
	</td>
	<td> <font Size="1">&nbsp;</font>
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	</td>	<td Valign="top" Align="center" Width="3%">
	<div Align="center"><font Face="times New Roman" Size="2" Color="#000000">
	By:</font>
	</div>
	</td>
	<td Valign="bottom" Width="3%"><font Face="times New Roman" Size="1">&nbsp;</font></td>
	<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;Gary D. Owens</font>
	</div>
	<hr Noshade Align="left" Color="#000000">
	</td>
</tr>

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	<td> <font Size="1">&nbsp;</font></td>
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	<td Valign="bottom" Width="53%">
	<div Style="margin-left:2%; Text-indent:-2%"><font Face="times New Roman" Size="2" Color="#000000">
	Gary D. Owens</font>
	</div>
	</td>
</tr>

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	<td> <font Size="1">&nbsp;</font></td>
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	<td Valign="bottom" Width="53%">
	<div><font Face="times New Roman" Size="2" Color="#000000">President & Chief Executive Officer</font>
	</div>
</td>
</tr>
<tr><td>&nbsp;</td></tr>
<tr><td>&nbsp;</td></tr>



</table></div>





<p Style='page-break-before:always'>
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<b>Exhibit Index </b></font>
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	<b>Exhibit&nbsp;No.</b></font>
	</div>
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	</td>
	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	<b>Description</b></font>
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	</td>
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	EX-99.1</font>
	</div>

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	<td Valign="top" Width="3%" Align="left"><font Face="times New Roman" Size="2">&nbsp;&nbsp;</font></td>
	<td Valign="top" Width="100%" Align="left">
	<div><font Face="times New Roman" Size="2" Color="#000000">
	Press Release dated August 8, 2008</font>
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		</td>
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</body></html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd215463_25451.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 8, 2008
<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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<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=715>
<TR><TD WIDTH="50%" VALIGN="TOP">
<B><I><FONT FACE="Syntax UltraBlack" SIZE=6><P>OYO GEOSPACE</B></I></FONT><FONT SIZE=3> </FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<B><FONT FACE="Arial" SIZE=6><P>News Release</B></FONT></TD>
</TR>
</TABLE>
<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><FONT SIZE=2><P ALIGN="CENTER">OYO GEOSPACE REPORTS FISCAL YEAR 2008 THIRD QUARTER RESULTS</P>
<P ALIGN="CENTER">Company Delivers First Two GSR Wireless Systems</P>
</FONT><FONT FACE="Arial" SIZE=2>
</B></FONT><FONT SIZE=2><P ALIGN="JUSTIFY">Houston, Texas - August 8, 2008 - OYO Geospace (NASDAQ: OYOG) today announced net income of $4.3 million, or $0.71 per diluted share, on revenues of $35.6 million for its quarter ended June 30, 2008.  This compares with a net income of $3.7 million, or $0.60 per diluted share, on revenues of $30.5 million in the comparable quarter last year.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">For the nine months ended June 30, 2008, OYO Geospace recorded sales of $104.0 million and net income of $10.9 million, or $1.78 per diluted share.  For the comparable period last year the company recorded sales of $107.4 million and net income of $14.7 million, or $2.42 per diluted share.  The company noted that the results for the nine months ended June 30, 2007 benefited from the revenue recognition of a $16.2 million seabed reservoir monitoring system to BP for installation in the Caspian Sea.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;Strong demand for our seismic exploration products continued throughout the third quarter.  While our backlog is healthy, visibility remains limited.  As anticipated, we delivered our first 1,000-channel GSR wireless data acquisition system during the third quarter to Houston Geophysical Services.  Reports from the field indicate that this system is performing well, and we are very pleased with the system's initial success,&quot; said Gary D. Owens, OYO Geospace's Chairman, President and CEO.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;During the quarter, we delivered a second 1,000-channel GSR wireless data acquisition system.  This system was purchased by Global Geophysical Services for use in South America on a job for Apache Corporation,&quot; Owens continued. Mr. Richard Degner, President and CEO of Global Geophysical Services, stated, &quot;Here at Global we are very excited to be the first to deploy the GSR autonomous recording system into the international seismic market.&nbsp; The nature of wireless autonomous recording systems enables us flexibility in application that greatly extends our effectiveness and productivity.&nbsp; I expect utilization of autonomous seismic recording systems to grow substantially going forward.&nbsp; We are grateful to Apache for choosing Global for their South American project, and we are delighted to be working together with a technology partner like OYO Geospace.&quot;</FONT><FONT FACE="Calibri,Arial Narrow" SIZE=2 COLOR="#000080"> &nbsp;&nbsp;</P>
</FONT><FONT SIZE=2 COLOR="#000080">
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY">Mr. Dave Monk, Apache's Director of Geophysics commented, &quot;Apache is pleased to use the GSR wireless system technology from OYO Geospace to advance our exploration activity in South America. OYO Geospace was also able to meet a very demanding turn around schedule and ship the new GSR system in time for our requirements.&quot;</P>
</FONT><FONT SIZE=2 COLOR="#000080"><P ALIGN="JUSTIFY"></P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY">&quot;We are excited to have Houston Geophysical, Global and Apache as early users of our GSR wireless system. We are in active discussions with several other interested parties for possible sales of GSR wireless systems,&quot; said Owens.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">Commenting on the company's reservoir characterization products, Owens continued, &quot;During the quarter we sold a 100-level seismic borehole system to Mitcham Industries, which was our second borehole system sold to Mitcham Industries in this fiscal year.  Including the sale of this 100-level borehole system, we generated revenues of $3.5 million during the quarter from seismic reservoir products and services,&quot; continued Owens.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&quot;During June, we exhibited at the annual EAGE trade show in Rome.  At this exhibition, we introduced a new shallow-water data acquisition system.  This new product offering is designed for transition zone applications and was derived from our existing seismic reservoir data acquisition technology.  It will be offered in both dual sensor and multi-component configurations.  While this particular market is small, we still believe it is attractive to a company our size.  This new system is expected to become commercially available during our 2009 fiscal year,&quot; Owens said.</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>
<P ALIGN="JUSTIFY"></P>
<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 availability of compet
itive 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 end Exchange Commission. Further, all written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by such factors.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">M O R E</P>
<P ALIGN="CENTER"></P>
<B><P ALIGN="CENTER"><A NAME="OLE_LINK6">OYO GEOSPACE CORPORATION AND SUBSIDIARIES</P>
<P ALIGN="CENTER">CONSOLIDATED STATEMENTS OF OPERATIONS</P>
<P ALIGN="CENTER">(in thousands, except share and per share amounts)</P>
<P ALIGN="CENTER">(unaudited)</P>
</B></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=655>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=13><P></P></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=3 HEIGHT=13><DIR>
<B><U><FONT SIZE=2><P ALIGN="JUSTIFY">    Three Months Ended&#9;            </DIR>
</B></U></FONT></TD>
<TD WIDTH="29%" VALIGN="TOP" COLSPAN=2 HEIGHT=13><DIR>
<B><U><FONT SIZE=2><P ALIGN="JUSTIFY">     Nine Months Ended&#9;</DIR>
</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="JUSTIFY">June 30, 2008</B></U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><U><FONT SIZE=2><P ALIGN="JUSTIFY">June 30, 2007</B></U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<B><U><FONT SIZE=2><P ALIGN="JUSTIFY">June 30, 2008</B></U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<B><U><FONT SIZE=2><P>June 30, 2007</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=15>
<FONT SIZE=2><P>Sales</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$  35,590</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$  30,536</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 104,011</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=15>
<FONT SIZE=2><P ALIGN="RIGHT">$ 107,351</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Cost of sales</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">   21,459</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">    19,967</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">   68,358</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">    67,501</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Gross profit</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">14,131</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">10,569</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">35,653</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<FONT SIZE=2><P ALIGN="RIGHT">39,850</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Operating expenses:</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Selling, general and administrative</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">4,298</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">3,742</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">12,974</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">12,443</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Research and development</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">2,622</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">1,740</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">6,852</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">5,673</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Bad debt expense (recovery)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">        991</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     (293)</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="RIGHT">     1,037</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">      (188)</U></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">
<FONT SIZE=2><P>Total operating expenses</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     7,911</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     5,189</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="RIGHT">   20,863</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">     17,928</U></FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="33%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Gain on sale of assets</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">          7</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">        --</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="RIGHT">       723</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">        --</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=31>
<FONT SIZE=2><P>Income from operations</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">   6,227</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">   5,380</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">   15,513</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT"> 21,922</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Other income (expense):</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
<TD WIDTH="14%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Interest expense</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(217)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(178)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(652)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(395)</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Interest income</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">258</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">119</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">983</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">366</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Foreign exchange gains (losses)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(41)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">26</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(57)</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">(2)</FONT></TD>
</TR>
<TR><TD WIDTH="4%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="38%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P>Other, net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">        (2)</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">         (8)</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="RIGHT">       (12)</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">         (17)</U></FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP" COLSPAN=2 HEIGHT=35><P></P></TD>
<TD WIDTH="33%" VALIGN="TOP" HEIGHT=35>
<FONT SIZE=2><P>Total other income (expense), net</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">        (2)</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">        (41)</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">        262</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=35>
<U><FONT SIZE=2><P ALIGN="RIGHT">       (48)</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Income before income taxes</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">6,225</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">5,339</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">15,775</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">21,874</FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=31>
<FONT SIZE=2><P>Income tax expense</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">     1,891</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">       1,650</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">     4,923</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=31>
<U><FONT SIZE=2><P ALIGN="RIGHT">      7,189</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Net income</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$  4,334</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$   3,689</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$  10,852</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$   14,685</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Basic earnings per share</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$    0.73</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$     0.63</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$     1.84</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$      2.54</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3 HEIGHT=30>
<FONT SIZE=2><P>Diluted earnings per share</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$    0.71</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$     0.60</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2 HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$     1.78</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" HEIGHT=30>
<U><FONT SIZE=2><P ALIGN="RIGHT">$      2.42</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Weighted average shares outstanding - Basic</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,907,793</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,813,209</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="RIGHT">5,902,155</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">5,778,220</U></FONT></TD>
</TR>
<TR><TD WIDTH="42%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Weighted average shares outstanding - Diluted</FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">6,127,952</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">6,111,113</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP" COLSPAN=2>
<U><FONT SIZE=2><P ALIGN="RIGHT">6,111,558</U></FONT></TD>
<TD WIDTH="14%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="RIGHT">6,076,308</U></FONT></TD>
</TR>
</TABLE>
<FONT SIZE=2><P> </P>
<P></A></P>
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