<SEC-DOCUMENT>0000895456-17-000015.txt : 20171024
<SEC-HEADER>0000895456-17-000015.hdr.sgml : 20171024
<ACCEPTANCE-DATETIME>20171024160949
ACCESSION NUMBER:		0000895456-17-000015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170930
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171024
DATE AS OF CHANGE:		20171024

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROCKY BRANDS, INC.
		CENTRAL INDEX KEY:			0000895456
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				311364046
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34382
		FILM NUMBER:		171151062

	BUSINESS ADDRESS:	
		STREET 1:		39 EAST CANAL STREET
		CITY:			NELSONVILLE
		STATE:			OH
		ZIP:			45764
		BUSINESS PHONE:		6147531951

	MAIL ADDRESS:	
		STREET 1:		39 EAST CANAL STREET
		CITY:			NELSONVILLE
		STATE:			OH
		ZIP:			45764

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROCKY SHOES & BOOTS INC
		DATE OF NAME CHANGE:	19950706
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>Q3_2017_EPR_HTML.htm
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<TEXT>
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8-K
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v464643_8k.htm
FORM 8-K



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b><br />
<b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM 8-K</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b><br />
<b>Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934</b></p>

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    <td style="width: 99%; padding: 0 0 0 0.375in; font-size: 10pt; text-indent: 0; border-bottom: Black 1pt solid"><div class="contentEditableWrapper"><font style="font-size: 10pt">October 24, 2017</font></div></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">ROCKY BRANDS, INC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specif&#x131;ed
in its charter)</p>

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    <td style="padding: 0; text-align: center; text-indent: 0">(State or other jurisdiction</td>
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    <td style="width: 67%; padding-top: 0; padding-right: 0; border-bottom: Black 1pt solid; padding-left: 0; text-align: center; text-indent: 0">39 East Canal Street, Nelsonville, Ohio</td>
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    <td style="padding: 0; text-align: center; text-indent: 0">(Address of principal executive off&#x131;ces)</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 1pt solid">Not Applicable</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K f&#x131;ling
is intended to simultaneously satisfy the f&#x131;ling obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (<font style="font-size: 13.3333px;">&#xa7;</font>230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (<font style="font-size: 13.3333px;">&#xa7;24</font>0.12b-2 of this chapter).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Emerging growth company <font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.&#160;&#160;&#160;&#160;&#160;<font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></p>

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<td style="width: 0"></td><td style="width: 1in"><b>Item 2.02</b></td><td><b>Results of Operations and Financial Condition.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 24, 2017,
Rocky Brands, Inc. (the "Company") issued a press release entitled "Rocky Brands, Inc. Announces Third Quarter
2017 Results" regarding its consolidated financial results for the quarter ended September 30, 2017. A copy of the Company's press release is furnished as Exhibit 99 to this Form 8-K and is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information in
this Form 8-K and accompanying press release is being furnished under Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to
the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities
Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;">The information contained
or incorporated by reference in this Form 8-K contains certain forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, which are intended to be covered by the safe harbors
created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections,
forecasts, and plans of the Company and its management. These forward-looking statements involve numerous risks and uncertainties,
including, without limitation, the various risks inherent in the Company's business as set forth in periodic reports filed
with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December
31, 2016 (filed March 9, 2017) and quarterly reports on Form 10-Q for the quarters ended June 30, 2017 (filed August 9, 2017) and March 31, 2017 (filed May 5, 2017). One or more of these factors have affected historical results, and could in the future affect the
Company's businesses and financial results in future periods and could cause actual results to differ materially from plans
and projections. Therefore, there can be no assurance that the forward-looking statements contained or incorporated by reference
in this Form 8-K will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements
included or incorporated by reference herein, the Company, or any other person should not regard the inclusion of such information
as a representation that the objectives and plans of the Company will be achieved. All forward-looking statements contained or
incorporated by reference in this Form 8-K are based on information presently available to the management of the Company. The Company
assumes no obligation to update any forward-looking statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>




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<td style="width: 0"></td><td style="width: 1in"><b>Item 9.01</b></td><td><b>Financial Statements and Exhibits.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><b>(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td class="tableHeaderLabel" colspan="3" style="font-style: italic; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div class="contentEditableWrapper"><div><font style="font-family: &quot;Times New Roman&quot;, Times, serif"><i>Exhibit No.</i></font></div></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
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<td colspan="1"><div class="contentEditableWrapper">&#160;</div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td colspan="3"><div class="contentEditableWrapper">&#160;</div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td colspan="3"><div class="contentEditableWrapper">&#160;</div></td>
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<td class="tableEditLabel" style=""><div class="contentEditableWrapper">&#160;</div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper">&#160;</div></td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div class="contentEditableWrapper">99*</div></td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper"></div></td>

<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px"><div class="contentEditableWrapper">&#160;</div></td><td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper">Press Release, dated October 24, 2017&#160;<font style="font-size: 13.3333px;">entitled "Rocky Brands, Inc. Announces Third Quarter 2017 Results."</font></div></td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;"><div class="contentEditableWrapper"></div></td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;"><div class="contentEditableWrapper"></div></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Such press release is being "furnished" (not
filed) under Item 2.02 of this Current Report on Form 8-K.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -1.75in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -1.75in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.75in; text-indent: -1.75in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<td colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
</tr><tr style="background-color: transparent;">
<td class="tableEditLabel" style="border-bottom-style: none;border-bottom-color: rgb(0, 0, 0);">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">Rocky Brands, Inc.</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<td class="tableEditLabel" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Date:&#160; October 24, 2017</font></td>
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<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">By:</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<TYPE>EX-99
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<DESCRIPTION>EX 99
<TEXT>
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    <td>&#160;</td>
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<tr style="vertical-align: top;">
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font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;
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quarter net sales were $64.7 million compared to $73.2 million in the third
quarter of 2016. The Company reported third quarter net income of $2.2 million,
or $0.30 per diluted share compared to net income of $0.4 million, or $0.06 per
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sales for the first nine months of 2017 were $186.2 million compared to $193.3
million for the first nine months of 2016. The Company reported net income of $5.2
million, or $0.70 per diluted share compared to a net loss of $1.5 million, or
($0.20) per diluted share for the nine months ended September 30, 2017 and
2016, respectively. Adjusted net income for the first nine months of 2017 was
$5.8 million, or $0.79 per diluted share compared to an adjusted net loss of
$0.8 million, or ($0.10) per diluted share in the prior year period.</font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
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color:black;mso-themecolor:text1">Jason Brooks, President and Chief Executive
Officer, commented, &#x201c;We are pleased to have achieved another quarter of strong
earnings growth. Our ability to drive enhanced profitability despite softer
top-line trends highlights our improved operating structure and focus on
increasing margins.<font style="mso-spacerun:yes">&#160; </font>As we previously
announced, approximately $1.7 million of military footwear shipments shifted
from the third quarter to the fourth quarter due to the temporary shutdown of
our Puerto Rico facility in the wake of Hurricane Maria. On top of this,
wholesale sales were below expectations as each of our brands posted modest
shortfalls versus plan. We believe this was due to a combination of factors
including lower discounting as we&#x2019;ve placed a greater emphasis on full-price
selling and retailers buying closer to the holiday season compared with
previous years. <font style="mso-spacerun:yes">&#160;&#160;</font>We were able to offset
a portion of these challenges through the expansion of our direct channel as we
continue to sign new accounts to our Lehigh Outfitters CustomFit program.<font style="mso-spacerun:yes">&#160; </font>Looking ahead, we are cautiously optimistic
about our growth prospects beginning in the fourth quarter as wholesale sales
trends have recently accelerated and our military manufacturing has resumed
normal operations. We remain confident that our current strategies have the
Company well positioned to deliver increased value to shareholders over the
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sales for the third quarter decreased 11.7% to $64.7 million compared to $73.2 million
a year ago. Wholesale sales for the third quarter decreased 12.9% to $46.0
million compared to $52.9 million for the same period in 2016. Retail sales for
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the same period last year. Military segment sales for the third quarter were $7.6
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margin in the third quarter of 2017 was $19.5 million, or 30.2% of sales,
compared to $19.8 million, or 27.0% of sales, for the same period last year.
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wholesale segment and military segment margins. Third quarter 2017 gross margin
includes approximately $1 million of additional expenses related to payroll and
overhead costs that could not be capitalized in inventory due to lower than
usual production volumes at the Company&#x2019;s Puerto Rico manufacturing facility
because of the disruption from Hurricanes Maria and Irma. Excluding the additional
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of net sales, for the third quarter of 2017 compared to $18.9 million, or 25.8%
of net sales, a year ago. Third quarter 2016 SG&amp;A expenses included an
approximately $1.2 million charge related to reorganizational activities.<font style="mso-spacerun:yes">&#160; </font>Excluding the charge, the $1.7 million decrease
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following the workforce reductions in the second half of 2016. </font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
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mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">The
Company&#x2019;s funded debt decreased $19.3 million, or 62.5% to $11.6 million at September
30, 2017 versus $31.0 million at September 30, 2016.&#160; </font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1"></font></p><p style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;line-height:normal"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">Inventory
at September 30, 2017 decreased 3.8% to $76.9 million compared to $79.9 million
on the same date a year ago. </font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1"></font></p><p style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><b><font style="text-decoration:underline"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">Use
of Non-GAAP Financial Measures</font></font></b><b><font style="text-decoration:underline"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1"><font style="text-decoration:none">&#160;</font></font></font></b></p><p style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;line-height:normal"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1;
mso-bidi-font-weight:bold">In addition to GAAP financial measures, we present
the following non-GAAP financial measures: &#x201c;non-GAAP adjusted gross margin,&#x201d; &#x201c;non-GAAP
adjusted selling, general, and administrative expenses,&#x201d; &#x201c;non-GAAP adjusted net
income,&#x201d; and &#x201c;non-GAAP adjusted net income per share.&#x201d; Adjusted results exclude
the impact of items that management believes affect the comparability or
underlying business trends in our consolidated financial statements in the
periods presented. We believe that these non-GAAP measures are useful to
investors and other users of our consolidated financial statements as an additional
tool for evaluating operating performance. We believe they also provide a
useful baseline for analyzing trends in our operations. Investors should not
consider these non-GAAP measures in isolation from, or as a substitute for,
financial information prepared in accordance with GAAP. </font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:
&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">See &#x201c;</font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-bidi-font-weight:
bold">Reconciliation of GAAP Measures to Non-GAAP Measures</font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:
&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">&#x201d; accompanying this press
release.<font style="mso-bidi-font-weight:bold"></font></font><b><font style="text-decoration:underline"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1"><font style="text-decoration:none"></font></font></font></b></p><p style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><b><font style="text-decoration:underline"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">Conference
Call Information </font></font></b><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1"><br style="mso-special-character:line-break" />
<!--[endif]--></font></p><p style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;line-height:normal"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">The
Company&#x2019;s conference call to review third quarter 2017 results will be
broadcast live over the internet today, Tuesday, October 24, 2017 at 4:30 pm
Eastern Time. The broadcast will be hosted at </font><font style="font-size:10.0pt;font-family:
&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;
mso-themecolor:text1">http://www.rockybrands.com</font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:
&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">.</font></p><p style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><b><font style="text-decoration:underline"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">About
Rocky Brands, Inc.</font></font></b><font style="font-size:10.0pt;font-family:
&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;
mso-themecolor:text1"><br style="mso-special-character:line-break" />
<!--[endif]--></font></p><p style="margin-bottom:0in;margin-bottom:.0001pt;text-align:
justify;line-height:normal"><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">Rocky
Brands, Inc. is a leading designer, manufacturer and marketer of premium
quality footwear and apparel marketed under a portfolio of well recognized
brand names including Rocky&#xae;, Georgia Boot&#xae;,&#160;</font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">Durango&#xae;,
Lehigh&#xae;, Creative Recreation&#xae;, and the licensed brand Michelin&#xae;.</font><font style="font-size:10.0pt;font-family:&quot;Arial&quot;,sans-serif;
mso-fareast-font-family:&quot;Times New Roman&quot;;color:black;mso-themecolor:text1">&#160;</font></p><p><b><font style="text-decoration:underline"><font style="font-size:10.0pt;line-height:107%;
font-family:&quot;Arial&quot;,sans-serif;mso-fareast-font-family:&quot;Times New Roman&quot;;
color:black;mso-themecolor:text1">Safe Harbor Language </font></font></b></p><p><font style="line-height: 107%; font-family: &quot;Arial&quot;,sans-serif; font-size: 10pt; mso-ansi-language: EN;">This
press release contains certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Those statements include, but may
not be limited to, all statements regarding intent, beliefs, expectations,
projections, forecasts, and plans of the Company and its management and include
statements in this press release regarding growth prospects and delivery of
increased value to shareholders (paragraph 4). These forward-looking statements
involve numerous risks and uncertainties, including, without limitation, the
various risks inherent in the Company&#x2019;s business as set forth in periodic
reports filed with the Securities and Exchange Commission, including the
Company&#x2019;s annual report on Form 10-K for the year ended December 31, 2016
(filed March 9, 2017) and quarterly report on Form 10-Q for the quarters ended
March 31, 2017 (filed May 5, 2017) and June 30, 2017 (filed August 9, 2017).
One or more of these factors have affected historical results, and could in the
future affect the Company&#x2019;s businesses and financial results in future periods
and could cause actual results to differ materially from plans and projections.
Therefore, there can be no assurance that the forward-looking statements
included in this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements included
herein, the Company, or any other person should not regard the inclusion of
such information as a representation that the objectives and plans of the
Company will be achieved. All forward-looking statements made in this press
release are based on information presently available to the management of the
Company. The Company assumes no obligation to update any forward-looking
statements.</font>
</p><div class="page-break formatted-page-break" style="width: 100%; font-family: times new roman; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; page-break-after: always"><font>
  </font><div class="page-number" style="text-align: center;"><font></font></div><font>
  </font><div><font><hr style="border: currentColor; border-image: none; width: 100%; height: 4px; color: black; background-color: black" /></font></div><font>
</font></div><font style="font-size: 16px;">

</font><p></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Rocky Brands, Inc. and Subsidiaries</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Balance Sheets</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<table class="" cellspacing="0" cellpadding="0" style="border: none; font-size: 10pt; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; color: rgb(0, 0, 0); width: 100%; margin-left: auto; margin-right: auto;"><!--indentWidth=10--><tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">September 30, 2017</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">December 31, 2016</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">September 30, 2016</font></div></td>
</tr>
<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Unaudited</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Audited</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Unaudited</font></div></td>
</tr><tr class="widthDefiningRow" style="font-size:0px">

<td colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">ASSETS:</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">CURRENT ASSETS:</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Cash and cash equivalents</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">2,238,862</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">4,480,505</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">3,942,209</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Trade receivables &#x2013; net</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">45,106,205</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">40,844,583</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">51,292,323</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Other receivables</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">800,322</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">688,251</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">579,976</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Inventories</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">76,885,153</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">69,168,442</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">79,922,305</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Income tax receivable</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">1,243,678</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">1,190,702</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Prepaid expenses</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">2,431,996</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">2,354,107</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">2,644,102</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Total current assets</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">127,462,538</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">118,779,566</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">139,571,617</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">FIXED ASSETS &#x2013; net</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">24,742,833</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">26,511,493</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">27,450,150</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">IDENTIFIED INTANGIBLES</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">33,319,334</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">33,415,694</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">36,448,490</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">OTHER ASSETS</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">225,310</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">232,509</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">238,251</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">TOTAL ASSETS</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: right;">185,750,015</td><td class="fact end" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: right;">178,939,262</td><td class="fact end" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: right;">203,708,508</td><td class="fact end" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">LIABILITIES AND SHAREHOLDERS' EQUITY:</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">CURRENT LIABILITIES:</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Accounts payable</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">16,861,274</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">11,589,040</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">15,042,805</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Accrued other expenses:</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">9,097,184</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">6,130,871</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">8,604,611</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Total current liabilities</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">25,958,458</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">17,719,911</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">23,647,416</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left:20px; border-bottom-style: none;border-bottom-color: rgb(0, 0, 0);">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>

<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td><td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">LONG TERM DEBT</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">11,630,000</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">14,584,008</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">30,972,398</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">DEFERRED INCOME TAXES</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">10,464,435</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">11,365,800</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">12,120,693</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">DEFERRED LIABILITIES</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">181,737</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">176,219</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">208,387</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">TOTAL LIABILITIES</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">48,234,630</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">43,845,938</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">66,948,894</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">SHAREHOLDERS' EQUITY:</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Common stock, no par value;</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">25,000,000 shares authorized; issued and outstanding&#160;&#160;</font><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">&#160;September</font><font style="font-family: &quot;Times New Roman&quot;, Times, serif">&#160;30, 2017 - 7,403,195; December 31, 2016 - </font> <font style="font-family: &quot;Times New Roman&quot;, Times, serif">
7,421,455; September 30, 2016 - 7,447,331</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">68,979,376</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">69,291,637</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">69,507,320</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Retained earnings</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">68,536,009</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">65,801,687</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">67,252,294</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Total shareholders' equity</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">137,515,385</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">135,093,324</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">136,759,614</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: right;">185,750,015</td><td class="fact end" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: right;">178,939,262</td><td class="fact end" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: right;">203,708,508</td><td class="fact end" style="border-bottom: 2.5pt double rgb(0, 0, 0); text-align: left;">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>&#160;&#160;</b></p>


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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: center; font-size-adjust: none; font-stretch: normal;"><b>Rocky Brands, Inc. and Subsidiaries</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed Consolidated Statements of
Operations</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"></p>

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<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="7" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Three Months Ended</font> </div></td>
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<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
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<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">2017&#160;</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
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<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Unaudited</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">&#160;Unaudited</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
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<td colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">64,675,082</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">73,218,247</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">186,202,989</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">193,308,286</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">COST OF GOODS SOLD</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">45,163,539</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">53,452,487</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">128,779,845</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">138,368,374</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">GROSS MARGIN</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">19,511,543</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">19,765,760</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">57,423,144</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">54,939,912</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">SELLING, GENERAL AND</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">ADMINISTRATIVE EXPENSES</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">16,026,654</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">17,745,691</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">49,313,498</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">55,685,180</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">REORGANIZATIONAL CHARGE</font></td>
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<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">1,159,527</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
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<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">1,159,527</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">&#160;TOTAL OPERATING EXPENSE</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">16,026,654</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">18,905,218</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">49,313,498</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">56,844,707</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">3,484,889</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">860,542</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">8,109,646</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(1,904,795</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
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<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
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<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">OTHER INCOME AND (EXPENSES):</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Interest expense, net</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(110,335</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(181,040</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(280,824</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(459,231</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Other, net</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">(3,873</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">)</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">35,064</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">82,876</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Total other income and (expenses), net</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(98,127</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(184,913</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(245,760</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(376,355</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">3,386,762</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">675,629</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">7,863,886</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(2,281,150</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">INCOME TAX EXPENSE (BENEFIT)</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">1,152,000</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: right;">230,000</td><td class="fact end" style="border-bottom: 1pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">2,674,000</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: right;">(776,000</td><td class="fact end" style="border-bottom: 1px solid rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">NET INCOME (LOSS)</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">$</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">2,234,762</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">$</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">445,629</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">$</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">5,189,886</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">$</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">(1,505,150</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">INCOME (LOSS) PER SHARE</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Basic</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">0.30</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">0.06</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">0.70</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(0.20</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Diluted</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">0.30</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">0.06</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">0.70</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">(0.20</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">WEIGHTED AVERAGE NUMBER OF</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">&#160;&#160;&#160;&#160;COMMON SHARES OUTSTANDING</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom-style: none; border-bottom-color: rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Basic</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,357,000</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,480,733</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,441,000</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,531,308</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="padding-left: 20px; border-bottom-style: none; border-bottom-color: rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Diluted</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,362,088</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,504,521</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,414,317</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,531,308</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
</tr></table>



<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: center; color: red; font-size-adjust: none; font-stretch: normal;">&#160;</p><p style="margin: 0pt;"></p><p>&#160;</p><div class="page-break formatted-page-break" style="width: 100%; font-family: \\\&quot;\\\\\\\&quot;\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;times new roman\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\&quot;\\\\\\\&quot;\\\&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px;">
  <div class="page-number" style="text-align: center;"></div>
  <div><hr style="border: medium none; width: 100%; height: 4px; color: black; background-color: black;" /></div></div>
  <div class="page-break formatted-page-break" style="text-align: center; width: 100%; font-family: \\\&quot;\\\\\\\&quot;\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;times new roman\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\&quot;\\\\\\\&quot;\\\&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px">&#160;</div>


<div class="page-break formatted-page-break" style="text-align: center; width: 100%; font-family: \\\&quot;\\\\\\\&quot;\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;times new roman\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\&quot;\\\\\\\\\\\\\\\&quot;\\\\\\\&quot;\\\&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px"><br /></div>




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<p style="text-align: center;"><b style="text-align: center; font-size: 13.3333px;">Rocky Brands, Inc. and Subsidiaries</b>&#160;</p><p style="text-align:center;mso-outline-level:
1;tab-stops:.5in 1.0in 1.5in 2.0in 2.5in 3.0in 3.5in 4.0in 4.5in 5.0in 5.5in 6.0in 6.5in; text-align: center;"><b><font style="line-height: 107%; font-family: &quot;Times New Roman&quot;, serif;"><font style="font-size: 10pt;">Reconciliation
of Gross Margin, Selling General Admin, Net Income (Loss)</font><font style="font-size: 12pt;"></font></font></b></p><table class="" cellspacing="0" cellpadding="0" style="border: none; font-size: 10pt; font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif; color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; width: 100%;"><!--indentWidth=10--><tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="7" style="border-bottom: 0px none rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Three months ended</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="7" style="border-bottom: 0px none rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">Nine months ended</font> </div></td>
</tr>
<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="7" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">September 30,</font> </div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="7" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">September 30,</font> </div></td>
</tr>
<tr>
<td class="tableHeaderLabel" colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">2017</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">2016</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">2017</font></div></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="tableHeaderLabel" colspan="3" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: center;"><div style="text-align: center;"><font style="font-family: TimesNewRoman, &quot;Times New Roman&quot;, Times, Baskerville, Georgia, serif">2016</font></div></td>
</tr><tr class="widthDefiningRow" style="font-size:0px">

<td colspan="1">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td colspan="3">&#160;</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Gross
  Margin</font>&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Gross
  margin, as reported</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">19,511,543</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">19,765,760</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">57,423,144</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">54,939,912</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Add:
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">963,570</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">963,570</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Adjusted
  gross margin</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">20,475,113</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">19,765,760</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">58,386,714</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">54,939,912</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Operating
  Expenses</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Sales,
  general, and administrative, as reported</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">16,026,654</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">18,905,218</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>

<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td><td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">49,313,498</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">56,844,707</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Less:
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">1,159,527</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">1,159,527</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Adjusted
  selling, general, and administrative expenses</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">16,026,654</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">17,745,691</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">49,313,498</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">55,685,180</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Net
  Income (Loss)</font>&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>

<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td><td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Net
  income (loss), as reported</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">2,234,762</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">445,629</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">5,189,886</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">(1,505,150</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Add:
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">635,956</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">635,956</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Add:
  reorganizational charge, after tax</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">753,693</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">-</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: right;">753,693</td><td class="fact end" style="border-bottom: 0.5pt solid rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Adjusted
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">2,870,718</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">1,199,322</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">5,825,842</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">(751,457</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Net
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Basic</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.30</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.06</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.70</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">(0.20</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Diluted</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.30</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.06</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.70</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">(0.20</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Adjusted
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<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Basic</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.39</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.16</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.79</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">(0.10</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Diluted</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.39</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.16</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">0.79</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">$</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">(0.10</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">)</td>
</tr>
<tr>
<td class="tableEditLabel" style="">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Weighted
  average shares outstanding</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td><td class="fact value" style="border-bottom: 0px none rgb(0, 0, 0); text-align: right;">&#160;</td><td class="fact end" style="border-bottom: 0px none rgb(0, 0, 0); text-align: left;">&#160;</td>
</tr>
<tr>
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Basic</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,357,000</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,480,733</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,411,000</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,531,308</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
</tr>
<tr style="background-color: rgb(204, 238, 255);">
<td class="tableEditLabel" style="text-align: left; padding-left: 10px; border-bottom: 0px none rgb(0, 0, 0);"><font style="font-family: &quot;Times New Roman&quot;, Times, serif">Diluted</font></td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,362,088</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="border-bottom: 3px double black; text-align: left; border-top-color: black; border-right-color: black; border-left-color: black;">&#160;</td><td class="fact value" style="border-bottom: 3px double black; text-align: right; border-top-color: black; border-right-color: black; border-left-color: black;">7,504,521</td><td class="fact end" style="border-bottom: 3px double black; text-align: left; border-top-color: black; border-right-color: black; border-left-color: black;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,414,317</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
<td class="spacing" style="max-width: 10px; width: 10px; min-width: 10px">&#160;</td>
<td class="fact start" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td><td class="fact value" style="text-align: right; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">7,531,308</td><td class="fact end" style="text-align: left; border-color: black; border-bottom-style: double; border-bottom-width: 3px;">&#160;</td>
</tr></table>

</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
