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<SEC-DOCUMENT>0001104659-06-080985.txt : 20061212
<SEC-HEADER>0001104659-06-080985.hdr.sgml : 20061212
<ACCEPTANCE-DATETIME>20061212155900
ACCESSION NUMBER:		0001104659-06-080985
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20061212
DATE AS OF CHANGE:		20061212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNOVATIVE SOLUTIONS & SUPPORT INC
		CENTRAL INDEX KEY:			0000836690
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				232507402
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31157
		FILM NUMBER:		061271655

	BUSINESS ADDRESS:	
		STREET 1:		420 LAPP RD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
		BUSINESS PHONE:		6108899898

	MAIL ADDRESS:	
		STREET 1:		420 LAPP ROAD
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>a06-24700_110k.htm
<DESCRIPTION>ANNUAL REPORT PURSUANT TO SECTION 13 AND 15(D)
<TEXT>
<html>

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<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.5pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;">Washington,
D.C. 20549</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.5pt;">FORM&nbsp;10-K</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt 56.15pt;text-indent:-36.0pt;"><b><font size="2" face="Wingdings" style="font-size:10.5pt;">x</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.5pt;">ANNUAL REPORT PURSUANT TO SECTION&nbsp;13
OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;">For
the fiscal year ended September&nbsp;30, 2006</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;">OR</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt 56.15pt;text-indent:-36.0pt;"><b><font size="2" face="Wingdings" style="font-size:10.5pt;">o</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.5pt;">TRANSITION REPORT PURSUANT TO SECTION&nbsp;13
OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;">For
the transition period from
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;">Commission
File No.&nbsp;0-31157</font></b></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:16.5pt;">INNOVATIVE SOLUTIONS AND
SUPPORT, INC.</font></b></p>

<p style="margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">(Exact name of registrant
as specified in its charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b><font size="1" style="font-size:8.5pt;font-weight:bold;">Pennsylvania</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:bold;">23-2507402</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">(State or other
  jurisdiction of incorporation)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">(IRS Employer
  Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:bold;">720 Pennsylvania Drive, Exton, Pennsylvania</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:3.0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:bold;">19341</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">(Address of
  principal executive offices)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="top" style="padding:0pt .7pt 0pt .7pt;width:222.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 3.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;">(610) 646-9800</font></b></p>

<p style="margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">(Registrant&#146;s telephone
number, including area code)</font></p>

<div style="line-height:9.0pt;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">Securities registered pursuant to Section&nbsp;12(b)&nbsp;of
the Act:</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr height="14" style="height:10.5pt;">
  <td width="204" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.5pt;padding:0pt .7pt 0pt .7pt;width:152.8pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Title of each class:</p>
  </td>
  <td width="19" height="14" valign="bottom" style="height:10.5pt;padding:0pt .7pt 0pt .7pt;width:14.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="204" height="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;height:10.5pt;padding:0pt .7pt 0pt .7pt;width:152.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name of each exchange on which registered</font></b></p>
  </td>
 </tr>
 <tr height="14" style="height:10.5pt;">
  <td width="204" height="14" valign="top" style="border:none;height:10.5pt;padding:0pt .7pt 0pt .7pt;width:152.8pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Common Stock par
  value $.001 per share</font></p>
  </td>
  <td width="19" height="14" valign="bottom" style="height:10.5pt;padding:0pt .7pt 0pt .7pt;width:14.35pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="204" height="14" valign="top" style="height:10.5pt;padding:0pt .7pt 0pt .7pt;width:152.85pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">NASDAQ National
  Market</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 3.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:normal;">Securities registered pursuant to Section&nbsp;12(g)&nbsp;of
the Act: None</font></b></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Indicate by check mark if
the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of
the Securities Act.&nbsp;&nbsp;Yes&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">o</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;No&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">x</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Indicate by check mark if
the registrant is not required to file reports pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Act&nbsp;&nbsp;Yes&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">o</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;No&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">x</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Note: Checking the above
box will not relieve any registrant required to file reports pursant to section
13 or section 15(d)&nbsp;of the Exchange Act from their obligations under those
sections.</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Indicate by check mark
whether registrant (1)&nbsp;has filed all reports required to be filed by
section 13 or&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2)&nbsp;has been subject to such filing
requirements for the past 90 days.&nbsp;&nbsp;Yes&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">x</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;No&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">o</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of the Registrant&#146;s
knowledge, in definitive proxy or information statements incorporated by
reference in Part&nbsp;III of this Form&nbsp;10-K or any amendment to
this Form&nbsp;10-K. </font><font size="1" face="Wingdings" style="font-size:8.5pt;">x</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer or a
non-accelerated filer. See definition of &#147;accelerated filer and large
accelerated filer&#148; in Rule&nbsp;12b-2 of the Exchange A</font><font size="1" style="font-size:9.0pt;">ct. (Check one):</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:31.18%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --><font size="1" style="font-size:8.5pt;">Large accelerated filer&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">o</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:25.12%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Accelerated
  filer&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">x</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.94%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:36.08%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Non-accelerated
  filer&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">o</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 3.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Indicate by check mark
whether the registrant is a shell company (as defined in Rule&nbsp;12b-2
of the Act).&nbsp;&nbsp;Yes&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">o</font><font size="1" style="font-size:8.5pt;">&nbsp;&nbsp;No&nbsp;</font><font size="1" face="Wingdings" style="font-size:8.5pt;">x</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">The aggregate market value
of the Registrant&#146;s common stock held by non-affiliates of the Registrant as of
March&nbsp;31, 2006 (the last business day of the registrant&#146;s most recently
completed second quarter) was approximately $99 million. Shares of common stock
held by each executive officer and director and by each person who owns 10% or
more of our outstanding common stock have been excluded since such persons may
be deemed affiliates. This determination of affiliate status is not necessarily
a conclusive determination for other purposes.</font></p>

<p style="margin:0pt 0pt 3.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">As of December&nbsp;1,
2006, there were 16,818,886 outstanding shares of the Registrant&#146;s Common Stock</font></p>

<p style="font-weight:bold;margin:0pt 0pt 3.0pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.5pt;">Documents
Incorporated by Reference</font></b></p>

<p style="margin:0pt 0pt 2.0pt;text-indent:20.0pt;"><font size="1" face="Times New Roman" style="font-size:8.5pt;">Portions of the Registrant&#146;s
Proxy Statement for the 2007 Annual Meeting of Shareholders to be filed prior
to February&nbsp;8, 2007 are incorporated by reference into Part&nbsp;III of
this Report. Such Proxy Statement, except for the parts therein which have been
specifically incorporated by reference, shall not be deemed &#147;filed&#148; for the
purposes of this Report on Form&nbsp;10-K.</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;line-height:16.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNOVATIVE SOLUTIONS AND SUPPORT, INC.<a name="InnovativeSolutionsAndSupportInc__020657"></a><br>
2006 Annual Report on Form&nbsp;10-K<br>
Table of Contents</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr>
  <td width="54" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableCenter --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="482" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="23" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:17.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
  </td>
  <td width="7" colspan="2" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.45pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="553" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:414.6pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Parti_022723">Part&nbsp;I</a></font></b></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1_Business_022725">Item 1.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1_Business_022725">Business</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1a_RiskFactors__022236">Item 1A.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1a_RiskFactors__022236">Risk Factors</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1b_UnresolvedStaffComments__023534">Item 1B.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item1b_UnresolvedStaffComments__023534">Unresolved Staff Comments</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item2_Properties__023536">Item 2.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item2_Properties__023536">Properties</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item3_LegalProceedings__023537">Item 3.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item3_LegalProceedings__023537">Legal Proceedings</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item4_SubmissionOfMattersToAVoteO_023538">Item 4.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item4_SubmissionOfMattersToAVoteO_023538">Submission of Matters to a
  Vote of Security Holders</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="553" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:414.6pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Partii_023045">Part&nbsp;II</a></font></b></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item5_MarketForTheRegistrantsComm_031427">Item 5.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item5_MarketForTheRegistrantsComm_031427">Market for the Registrant&#146;s
  Common Equity and Related Shareholder Matters</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item6_SelectedConsolidatedFinanci_031435">Item 6.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item6_SelectedConsolidatedFinanci_031435">Selected Financial Data</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7_ManagementsDiscussionAndAna_030858">Item 7.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7_ManagementsDiscussionAndAna_030858">Management&#146;s Discussion and
  Analysis of Financial Condition and Results of Operations</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20-26</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7a_QuantitativeAndQualitative_030924">Item 7A.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item7a_QuantitativeAndQualitative_030924">Quantitative and Qualitative
  Disclosures About Market Risk</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item8_FinancialStatementsAndSuppl_030932">Item 8.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item8_FinancialStatementsAndSuppl_030932">Financial Statements and
  Supplementary Data</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27-45</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9_ChangesInAndDisagreementsWi_030546">Item 9.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9_ChangesInAndDisagreementsWi_030546">Changes in and Disagreements
  with Accountants on Accounting and Financial Disclosure</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9a_ControlsAndProcedures_030549">Item&nbsp;9A.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item9a_ControlsAndProcedures_030549">Controls and Procedures</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="553" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:414.6pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Partiii_031046">Part&nbsp;III</a></font></b></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item10_DirectorsAndExecutiveOffic_031046">Item 10.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item10_DirectorsAndExecutiveOffic_031046">Directors and Executive
  Officers of the Registrant</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item11_ExecutiveCompensation__031046">Item 11.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item11_ExecutiveCompensation__031046">Executive Compensation</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item12_SecurityOwnershipOfCertain_031047">Item 12.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item12_SecurityOwnershipOfCertain_031047">Security Ownership of
  Certain Beneficial Owners and Management</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item13_CertainRelationshipsAndRel_031047">Item 13.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item13_CertainRelationshipsAndRel_031047">Certain Relationships and
  Related Transactions</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item14_PrincipalAccountingFeesAnd_031047">Item 14.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item14_PrincipalAccountingFeesAnd_031047">Principal Accounting Fees
  and Services</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="553" colspan="3" valign="top" style="padding:0pt 0pt 0pt 0pt;width:414.6pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#Partiv_032237">Part&nbsp;IV</a></font></b></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54" valign="top" style="padding:0pt 0pt 0pt 0pt;width:40.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item15_ExhibitsFinancialStatement_032238">Item
  15.</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="482" valign="top" style="padding:0pt 0pt 0pt 0pt;width:361.8pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#Item15_ExhibitsFinancialStatement_032238">Exhibits,
  Financial Statement Schedules and Reports on Form&nbsp;8-K</a></font></p>
  </td>
  <td width="18" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:13.8pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="3" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:24.05pt;">
  <p align="right" style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.3pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="54" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="482" style="border:none;"></td>
  <td width="18" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORWARD LOOKING
STATEMENTS<a name="ForwardLookingStatements_022547"></a></font></b></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">This report
contains forward looking statements within the meaning of Section&nbsp;21E of
the Securities Exchange Act of 1934. We have based these forward looking
statements largely on our current expectations and projections about future
events and trends affecting our business. In this report, the words &#147;believe,&#148; &#147;may,&#148;
&#147;will,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;anticipate,&#148; &#147;intend,&#148; &#147;forecast,&#148; &#147;expect,&#148; &#147;plan,&#148;
&#147;should,&#148; &#147;is likely&#148; and similar expressions, as they relate to our business or
our management, are intended to identify forward looking statements, but they
are not exclusive means of identifying them.</font></i></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">The forward looking
statements in this report are only predictions and actual events or results may
differ materially. In evaluating such statements, a number of risks,
uncertainties and other factors could cause our actual results, performance,
financial condition, cash flows, prospects and opportunities to differ
materially from those expressed in, or implied by, the forward-looking
statements. These risks, uncertainties and other factors include those set
forth in Item&nbsp;1A (Risk Factors) of this Annual Report on Form&nbsp;10-K.</font></i></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as expressly
required by the federal securities laws, we undertake no obligation to publicly
update or revise any forward looking statements, whether as a result of new
information, future events or otherwise after the date of this report. Our
results of operations in any past period should not be considered indicative of
the results to be expected for future periods. Fluctuations in operating
results may also result in fluctuations in the price of our common stock.</font></i></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;I<a name="Parti_022723"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Business<a name="Item1_Business_022725"></a></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Overview<a name="Overview_022726"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Innovative Solutions and Support,&nbsp;Inc. (the &#147;Company,&#148;
&#147;IS&amp;S&#148; or &#147;We&#148;) was founded in 1988. The Company designs, manufactures and
sells Flat Panel Display Systems, Flight Information Computers and advanced
monitoring systems to the Department of Defense (DoD), government agencies,
defense contractors, commercial air transport carriers, original equipment
manufacturers (OEMs), and the corporate/general aviation markets. The Company
is increasingly positioning itself as a system integrator; this capability
provides the Company with the potential to generate more substantive orders
over a broader product base. The Company has demonstrated the ability to
incorporate added functionality such as electronic flight bags, charting, mapping
and synthetic vision systems into its Flat Panel Display Systems&#146; product line.
Our strategy as both a manufacturer and integrator is to leverage the latest
technologies developed for the personal computer and telecommunications
industries into advanced, cost-effective solutions for both the aviation
industry and DoD. We believe this approach, combined with our industry
experience, enables us to develop high-quality products and systems,
substantially reduce product time to market and achieve cost advantages over
the products offered by our competitors.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Through fiscal year 2005, the Company has focused
efforts on developing and marketing air data systems that measure, calculate
and display critical flight information, such as airspeed and altitude, and
instruments that measure engine and fuel data. As a result, a substantial
portion of our revenues in prior fiscal years, including 2005, have been from
the sale of air data systems. These systems bring aircraft into compliance with
certain government regulations, including Reduced Vertical Separation Minimum
(RVSM) requirements that were phased in by regulatory authorities on all
heavily traveled global flight routes.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For several years the Company has also been working
with advances in technology that have the potential to provide pilots
increasing amounts of information that will enhance both the safety and
efficiency of flying. These advances have come together in the Company&#146;s
COCKPIT/IP&#153; (Cockpit Information Portal) or Flat Panel Display System product line
that incorporates proprietary technology, low cost, reduced power consumption
and weight as well as diverse functionality. The Company&#146;s Flat Panel Display
System product line is suited to address what we believe to be market demand
that we believe will be driven by regulatory mandates, new technologies and
aging equipment on airplanes that have been in service for up to fifty years.
We believe that the transition to Flat Panel Display Systems as part of
airplane retrofit requirements is underway.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In fiscal 2004 the COCKPIT/IP&#153; product line was
significantly advanced when the Federal Aviation Administration (FAA) awarded
the Company a Technical Standard Order (TSO) for the Company&#146;s large Flat Panel
Display. The TSO establishes the product as meeting the requirements that have
been implemented by the FAA to ensure safe flight on a variety of aircraft
types. The TSO awarded to the Company addresses the most stringent Commercial
Air Transport Market requirements as provided in Title 14 of the Code of Federal
Regulation, subpart 25, Commercial Air Transport.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In fiscal 2005 the Company received several key Flat
Panel Display System awards. The Royal Netherlands Air Force selected our Flat
Panel Display System for their KC-10 cockpit avionics update program. In
addition, the Company teamed with ABX Air to upgrade B-767 cockpits with
our Flat Panel Display Systems; several B-767&#146;s were upgraded with our
Primary Flight and Navigation Flat Panel Display System. The first B-767
FPDS received FAA TSO Approval and STC Certification on 10/19/05. We also
captured C-130 Flat Panel Engine Instrument Display System awards from
Lockheed Martin and Spar Aerospace for international customers. Further,
Marshalls of Cambridge, a well respected European systems integrator, selected
the Company for its common core avionics upgrade featuring our Flat Panel </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Display System. The
Canadian Department of National Defense also selected our Flat Panel Display
System to retrofit their fleet of C-130 airplanes as did Snow Aviation,
an international engineering integrator.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In fiscal 2006 the Flat Panel Display System product
line continued to expand in terms of both FAA certifications and additional
customer orders. The FAA awarded the Company two new Technical Standard Orders
(TSO&#146;s) and two new Supplemental Type Certificates (STC&#146;s) for 15&#148; and 10&#148; Flat
Panel Display System installations on Pilatus PC-12 airplanes. The
Company also received orders from two Pilatus distributors for 15&#148;
installations. Further, Kalitta Air placed an order with the Company for Flat
Panel Engine Instrument Display Systems (FP/EIDS) for B-747 retrofit
applications. FAA certification relating to this display application is in
process. Also, Marshalls of Cambridge, who last year chose us as their common
core avionics upgrade, placed their first order with us this year. Their
initial award was for C-130 retrofits. Jet Partners order for B-737
Flat Panel Display Systems was particularly significant because of the
potential associated with the 3,500 Classic B-737 airplanes in operation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal 2006 also saw
demand for air data products, particularly from the DOD as evidenced by a
significant order for Digital Air data Computers. Our Air Data business is
expected to continue although at reduced levels from the peak demand experienced
in fiscal 2005.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Industry<a name="OurIndustry_022757"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A wide range of information, including airspeed and
altitude, is critical for the proper and safe operation of aircraft. With
advances in technology, new types of information to assist pilots, such as
satellite based weather and ground terrain maps, are becoming available for
display in cockpits. We believe that aircraft cockpits will increasingly become
information centers, capable of delivering additional information that is
either mandated by regulation or demanded by pilots to assist in safe and
efficient operation of aircraft.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are three general types of flight data: Flight
critical aircraft control data, aircraft heading and altitude data and
navigation data. Flight critical aircraft control information such as air data
includes aircraft speed, altitude and rates of ascent and descent. Aircraft
heading and altitude information includes engine data such as fuel and oil
quantity and other engine measurements, and navigation data includes radio
position, flight management, GPS and alternative source information, which is
information not originating on the aircraft, including weather depiction maps,
GPS navigation and surface terrain maps. Air data calculations are based
primarily on air pressure measurements derived from sensors on the aircraft.
Engine data are determined by measuring various indices such as temperature,
volume, RPM and pressure within an aircraft&#146;s engines and other mechanical
equipment. Alternative source information is typically derived from satellites
or equipment located on land and fed by satellite or radio signals to the
aircraft. Pilots can then display this information in the cockpit for reference
and enhanced position awareness.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Traditionally, flight data
and other cockpit information were displayed on a series of separate analog
dials. In the early 1980s, digital displays using cathode ray tubes began to
replace some of the individual analog displays. The industry has now begun to
develop color flat panel displays using active matrix liquid crystal displays
(AMLCD) to replace traditional analog or digital displays. We expect that the
ability to display more information in a space-efficient and customized
platform will become increasingly important if additional information, such as
weather depiction maps, traffic information and surface terrain maps, become
mandated by regulation or demanded by pilots. Accordingly, we believe that flat
panel displays, which can integrate and display a &#147;suite&#148; of information, will
increasingly replace individual displays as the method for delivering and
ordering information displayed in cockpits.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Flat Panel Displays<a name="FlatPanelDisplays_022810"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Air data and other flight
information were traditionally displayed on analog instrumentation and, more
recently, individual small digital displays. Within the last several years,
color flat panel displays were introduced in aircraft cockpits. Flat panel
displays are LCD screens that can replicate the display of one or a suite of
analog or digital displays on one screen. Like other instrumentation, flat
panel displays can be installed in new aircraft or used to replace existing
displays in aircraft already in use. LCDs are also being used for security
monitoring on-board aircraft and as tactical workstations on military aircraft.
The flat panel product line also presents numerous advantages for presentation
of engine performance data.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engine and Fuel
Displays<a name="EngineAndFuelDisplays_022812"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equipment data, such as
engine and fuel related data, were traditionally displayed on conventional
solid-state displays. Engine and fuel displays provide information on engine
activity, including oil and hydraulic pressures and temperature. This
instrumentation includes individual and multiple displays clustered throughout
an aircraft&#146;s cockpit. Engine and fuel displays tend to be replaced more frequently
than other displays due to increased obsolescence problems and normal
wear-and-tear. As the information displayed by this instrumentation is vital
for safe and efficient flight, aircraft operators continue to purchase
individual conventional engine and fuel displays to replace older or
non-functioning displays. Increasingly, operators are beginning to replace
their individual instruments with integrated Flat Panel Display Systems.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Strategy<a name="Strategy_022814"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our objective is to
become a leading supplier and integrator of cockpit information. We believe our
industry experience and reputation, our technology and products and our
business strategy provide a basis to achieve this objective. Key elements of
our strategy include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Maintaining our leadership in the air data markets.&nbsp;&nbsp; </i>We
believe that we are one of the largest suppliers of air data products to the
U.S. retrofit market. Significant demand remains in retrofitting aging aircraft
with newer, more advanced and more supportable air data systems.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Establishing leadership in the flat panel display
market.&nbsp;&nbsp; </i>We expect that over the next several years, many
aircraft will either be retrofitted or newly manufactured with flat panel
displays. Given the versatility, visual appeal and lower cost of displaying a
series of instruments and other flight-relevant information on a single flat
panel, we believe that flat panel displays will increasingly replace individual
analog and digital instruments. We also believe our COCKPIT/IP&#153; has significant
benefits over the flat panel displays currently offered by our competitors,
including its lower cost, larger size and enhanced viewing angles. Accordingly,
we believe these advantages will allow us to generate significant revenues from
our COCKPIT/IP&#153; and gain significant market share.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Continuing our engineering and product development
successes.&nbsp;&nbsp; </i>We developed innovative products by combining our
avionics, engineering and design expertise with commercially available
technologies, components and products from non-aviation applications, including
the personal computer and telecommunications industries. We believe our
processes allow us to bring products to market quickly and to control our
development costs. Our COCKPIT/IP&#153; is an example of our ability to engineer a
superior product through the selective application of non-avionic technology.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Increasing our sales to the DoD, other government agencies, defense
contractors, commercial air transport and corporate/general aviation markets.</i>&nbsp;&nbsp; We
strengthened efforts to diversify our sales to include all end user markets of
the aviation industry, particularly legacy military aircraft programs and the
commercial air transport market. This includes national and regional carriers
and other </p>


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<p style="margin:0pt 0pt 6.0pt 30.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">fleet operators, the
corporate/general aviation market, primarily through aircraft modification
centers, and the OEM market. We continue to build a sales and marketing force
dedicated to expanding our sales efforts to these markets while at the same
time maintaining our position as a provider of avionics products for the DoD.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Expanding our international presence.&nbsp;&nbsp; </i>We
plan to increase our international sales by adding sales and marketing
personnel and foreign offices. As large flat panel displays become more
prevalent throughout the world, we believe that European and other
international aircraft operators and aircraft modification centers will
accelerate their retrofitting activities, thereby increasing the demand for
large flat panel displays.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><i>Growth through acquisitions or joint ventures.&nbsp;&nbsp; </i>We may
pursue strategic acquisitions or joint ventures as a means of growing our
business with respect to both information management products and content. We
have identified profiles of the types of companies we would like to acquire and
are evaluating various potential forms of joint ventures. We may seek to
acquire developers or suppliers of complementary products, technology or
information, or we may acquire suppliers of similar products as a means of
increasing our product offerings and market share.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Products<a name="OurProducts_022838"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our current line of
products includes:</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Flat Panel Display
Systems</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We developed a Flat Panel Display System that can
replace conventional analog and digital displays currently used in a cockpit
and can display additional information that is not now commonly displayed in the
cockpit. Our Cockpit Information Portal COCKPIT/IP&#153; is capable of displaying
nearly all types of air data, engine and fuel data, altitude, heading and
navigational data and alternative source information. As technology and
information delivery systems further develop, additional information, such as
surface terrain maps and data link messaging, will be displayed in the cockpit.
We designed our COCKPIT/IP&#153; to be capable of displaying information generated
from a variety of sources, including our RVSM air data system, engine and fuel
instrumentation and third-party data and information products.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In 2004, the Federal Aviation Administration (FAA)
awarded the Company a Technical Standard Order (TSO) for the flat panel display
or COCKPIT/IP&#153;. The TSO establishes that our flat panel display meets FAA
requirements that have been put in place to ensure safe flight on a variety of
aircraft types. The TSO awarded to the Company addresses the most stringent
Commercial Air Transport Market requirements as provided in Title 14 of the
Code of Federal Regulation, subpart 25, Commercial Air Transport.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Royal Netherlands Air Force selected our Flat
Panel System for their KC-10 cockpit avionics update program. The Company
also teamed with ABX Air to upgrade B-767 cockpits with our Flat Panel
Display Systems; the first B-767 was upgraded with our Primary Flight and
Navigation Flat Panel Display System. We also received C-130 Flat Panel
Engine Instrument Display System awards from Lockheed Martin and Spar Aerospace
for international customers. Further, Marshalls of Cambridge, a well respected
European systems integrator, selected the Company for its common core avionics
upgrade featuring our Flat Panel Display System. The Canadian Department of
National Defense also selected our Flat Panel Display System to retrofit their
fleet of C-130 airplanes, as did Snow Aviation, an international
engineering integrator.</font></p>


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<div>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;19, 2005 the FAA awarded the Company a
second TSO for our flat panel display or COCKPIT/IP&#153;. This TSO also establishes
that our flat panel display system meets FAA requirements that have been put in
place to ensure safe flight on a variety of aircraft types. This TSO also
addresses the most stringent Commercial Air Transport Market requirements as
provided in Title 14 of the Code of Federal Regulation, subpart 25, Commercial
Air Transport. The STC states &#147;It has been noted that this display system
employs an integrity monitoring system that assures integrity to a
catastrophic/Level A design condition with the use of commercial graphic
processors.&#148;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In October&nbsp;2005, the Company in a teaming
arrangement with ABX Air received FAA Supplemental Type Certification (STC) of
its Flat Panel Display System for use on B-767 aircraft. ABX Air provided
the aircraft and turnkey services, including installation kits, labor, pilot
training and technical manual updates. The STC provides B-767 operators
with a low cost, rapidly implemented retrofit of their cockpit avionics with a
modern pilot and copilot suite of high resolution multi-color LCD flat panel
displays. We believe that operators will also benefit from improved dispatch
reliability, logistics savings, and adaptability to future requirements. The
receipt of the STC positions the Company to pursue the more than 1,700 B-757
and B-767 aircraft with similar needs for Flat Panel Display System
upgrades. The STC also provides a foundation for incorporating the product into
other airplanes as well.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In fiscal 2006 the Flat
Panel Display System product line continued to expand in terms of both FAA
certifications and additional customer orders. The FAA awarded the Company two
new Technical Standard Orders (TSO&#146;s) and two new Supplemental Type
Certificates (STC&#146;s) for 15&#148; and 10&#148; Flat Panel Display System installations on
Pilatus PC-12 airplanes. The Company also received orders from two Pilatus
distributors for 15&#148; installations. Further, Kalitta Air placed an order with
the Company for Flat Panel Engine Instrument Display Systems (FP/EIDS) for
B-747 retrofit applications. FAA certification relating to this display
application is in process. Also, Marshalls of Cambridge, who last year chose us
as their common core avionics upgrade, placed their first order with us this
year. Their initial award was for C-130 retrofits. Jet Partners order for B-737
Flat Panel Display Systems was particularly significant because of the
potential associated with the 3,500 Classic B-737 airplanes in operation.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Air Data Systems
and Components</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our air data products calculate and display various
measures such as aircraft speed, altitude and rate of ascent and descent. The
functionality of our air data systems use advanced sensors to gather air pressure
data and use customized algorithms to interpret data, thus allowing the system
to more accurately calculate altitude. </font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We sell individual
components as well as partial and complete air data systems. Our components and
systems include:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>digital
air data computers, which calculate various air data parameters such as
altitude, airspeed, vertical speed, angle of attack and other information
derived from the measure of air pressure;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>integrated
air data computers and display units, which calculate and convey air data
information;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>altitude
displays, which convey aircraft altitude measurements;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>airspeed
displays, which convey various types of airspeed measurements including
vertical airspeed and rates of ascent and descent; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>altitude
alerters, which allow the pilot to select a desired cruising altitude that the
aircraft will reach and maintain, and also provide warnings to pilots when an
unacceptable deviation occurs.</p>


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<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engine and Fuel
Displays</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We develop, manufacture and market engine and fuel
displays. Our solid-state multifunction displays convey information with
respect to fuel and oil levels and engine activity, such as oil and hydraulic
pressure and temperature. This instrumentation includes individual and multiple
displays clustered throughout an aircraft&#146;s cockpit. Our displays can be used
in conjunction with our own engine and fuel data equipment or that of other
manufacturers.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Engine and fuel displays are found in all aircraft and
are vital to the safe and proper flight of the aircraft. In addition, the
accurate conveyance of engine and fuel information is critical for the
monitoring of engine stress and the maintenance of engine parts. Engine and
fuel displays tend to be replaced more frequently than other displays and have
remained largely unchanged since their introduction due to their low cost,
standard design and universal use.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that our engine
and fuel displays are extremely reliable, and we have designed them to be
programmable to adapt easily without major modification to most modern
aircraft. Our products have been installed on C-130H, DC-9, DC-10,
P3 and A-10 aircraft.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Customers<a name="Customers_022233"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our customers include, among others, the United States
Government (including DOD), Garrett, Bombardier Aerospace (the manufacturer of
Learjet), Raytheon, Northwest Airlines, ABX Air, L-3, Spar Aerospace,
Federal Express Corporation, The Boeing Company, Lockheed Martin Corporation,
Rockwell Collins, Gulfstream Aerospace Corporation, Plain Avionics and Star
Aviation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company recorded sales
with the DOD that amounted to 17% of total sales for the fiscal year&nbsp;2006.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retrofit Market</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Historically, the majority of our sales have come from
the retrofit market. Among other reasons, we have pursued the retrofit market
because of its continued rapid growth in response to the increasing need to
support the world&#146;s aging fleet of aircraft.</font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Updating an
individual aircraft&#146;s existing electronics equipment has become increasingly
common as new technology makes existing instrumentation outdated while an
aircraft is still structurally and mechanically sound. Retrofitting an aircraft
is generally a substantially less expensive alternative to purchasing a new
aircraft. We expect our main customers in the retrofit market to be:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the
DoD and defense contractors;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>aircraft
operators; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>aircraft
modification centers.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Department
of Defense and Defense Contractors.</font></i></font><i>&nbsp;&nbsp; </i>We sell our products directly to
the DoD as well as to domestic and international defense contractors for end
use on military aircraft retrofit programs. DoD programs generally take one of
two forms, a subcontract with a prime government contractor, such as Boeing or
Rockwell Collins, or a direct contract with the appropriate government agency
such as the United States Air Force to satisfy its requirement for replacing
Central Air Data Computers on the fleet of A-10 aircraft. The government&#146;s
desire for cost-effective retrofitting of aircraft has led it to purchase
commercial off-the-shelf equipment rather than requiring the development of
specially designed products, which are usually more costly and take a longer
time to develop. These contracts tend to be on arms length commercial terms,
although some of the termination and other provisions of government contracts
described below are typically applicable to these contracts. Each government
agency or general contractor </p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">retains the right to
terminate the contract at any time at its convenience. Upon such alteration or
termination, we would be entitled to an equitable adjustment to the contract
price so that we may receive the purchase price for already delivered items and
reimbursement for allowable costs incurred.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aircraft
Operators.</font></i></font><i>&nbsp;&nbsp; </i>We
also sell our products to aircraft operators, including commercial airlines,
cargo carriers and business and general aviation. Our products are used mostly
in the retrofitting of aircraft owned or operated by these customers, which
generally retrofit and maintain their aircraft themselves. Our commercial fleet
customers include Northwest Airlines, Air Canada, Midcoast, MK Airlines, ABX
Air, Federal Express, Kitty Hawk, ARC, Champion and Kelowna Flightcraft LTD. We
sell these customers a range of products from fuel quantity indicators to air
data systems.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aircraft Modification
Centers.</font></i></font><i>&nbsp;&nbsp; </i>Based
on industry data, we believe that there are approximately 12,800&nbsp;private
and corporate aircraft in service in North America. The primary retrofit market
for private and corporate jets is through aircraft modification centers, which
repair and retrofit private aircraft in a manner similar to the way auto
mechanics service a person&#146;s car. We have established relationships with a
number of aircraft modification centers throughout the United States. These
modification centers essentially act as distribution outlets for our products.
We believe that our air data systems and related components are being promoted
by aircraft modification centers to update older or outdated equipment. Our
large modification center customers include Bombardier Learjet, Garrett
Aviation, Star Aviation, Duncan Aviation, Plain Avionics and Raytheon Aircraft
Services.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">OEM Market<a name="OemMarket_022234"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We also market our products to original equipment
manufacturers, particularly manufacturers of corporate and private jets as well
as to DoD contractors manufacturing military jets. Customers of our products
include Bombardier (the manufacturer of Learjet), Gulfstream, Boeing, Raytheon,
Piaggio and Lockheed.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Most aircraft
manufacturers equip their current production aircraft with RVSM-compliant air
data systems. In addition, we expect that as flat panel displays become
increasingly popular, OEMs will begin manufacturing an increasing percentage of
their aircraft with flat panel displays, either as standard or optional
equipment. Most new high-end business aviation aircraft have flat panel
displays as standard equipment.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Backlog<a name="Backlog_022234"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of September&nbsp;30,
2006 and 2005, our backlog was $28.0 million and $12.9 million, respectively.
The year over year increase of $15.1 million or 117% was the result of growth
in Flat Panel Display System and Air Data product lines. Flat Panel Display
Systems backlog increased by 216% to $18.3 million The air data backlog
increased 37% to $9.7 million.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sales and Marketing<a name="SalesAndMarketing_022234"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have generally focused our sales efforts on the
DoD, prime DoD contractors, aircraft operators and OEMs, and more recently on
aircraft modification centers. We continually evaluate our sales and marketing
efforts with respect to the military, commercial and corporate aviation markets
and have made substantial use of third-party sales representatives who receive
compensation through commissions based on performance.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe our ability to provide prompt and effective
repair and upgrade service is critical to our marketing efforts. As part of our
customer service program, we offer a 24-hour hotline that customers can
call for product repair or upgrade concerns. We employ field service engineers
to service our equipment and, depending on the service required, we may either
dispatch a service crew to make necessary repairs or </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">request that the customer
return the product to us for repairs or upgrades at our facility. In the event
repairs or upgrades are required to be made at our facility, we provide spare
products for use by our customers during the repair time. Our in-house
turnaround repair times average 15 days and turnaround upgrade times average 30
days. Before returning our products to customers, all repaired or upgraded
products are retested for airworthiness.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with our
customer service program, we typically provide customers with a two-year
warranty on new products. We also offer customers extended warranties of
varying terms for additional fees.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Government
Regulation<a name="GovernmentRegulation_022234"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The manufacture and installation of our products in
aircraft owned and operated in the United States is governed by FAA
regulations. We maintain an FAA certified production facility. The most
significant of the product and installation regulations focus on Technical
Standard Order (TSO) and Supplemental Type Certificate (STC) certifications.
These certifications set forth the minimum general standards that a certain
type of equipment should meet. As required, we deliver our product in
accordance with FAA regulations.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sales of our products to European or other non-U.S.
owners of aircraft also typically require approval of the European Aviation
Safety Agency (EASA), the European counterpart of the FAA, or another
appropriate governmental agency. EASA certification requirements for the
manufacturing and installation of our products in European-owned aircraft
mirror the FAA regulations. Much like the FAA certification process, the EASA
has established a process for granting European Certifications.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to
product-related regulations, we are also subject to U.S.Government procurement
regulations with respect to sale of our products to government entities or
government contractors. These regulations dictate the manner in which products
may be sold to the government and set forth other requirements that must be met
in order to do business with or on behalf of government entities. For example,
the government agency or general contractor may alter the price, quantity or
delivery schedule of our products. In addition, the government agency or
general contractor retains the right to terminate the contract at any time at
its convenience. Upon such alteration or termination, we would be entitled to
an equitable adjustment to the contract price so that we may receive the
purchase price for already delivered items and reimbursement for allowable
costs incurred.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manufacturing,
Assembly and Materials Acquisition<a name="ManufacturingAssemblyAndMaterials_022235"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our manufacturing activities consist primarily of
assembling and testing components and subassemblies and integrating them into a
finished system. We believe that this method allows us to achieve relatively
flexible manufacturing capacity while minimizing expenses. We generally
purchase the components for our products from third-party vendors and assemble
them in a clean room environment to reduce impurities and improve the
performance of our products. Many of the components we purchase are standard
products, although certain parts are made to our specifications.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">When appropriate, we enter
into long-term supply agreements and use our relationships with long-term
suppliers to improve product quality and availability and to reduce delivery
times and product costs. In addition, we are continually identifying
alternative suppliers for important component parts. Using component parts from
new suppliers in our products generally requires FAA certification of the
entire finished product if the newly sourced component varies significantly
from our original drawings and specifications. To date, we have not experienced
any significant delays in the delivery of our products caused by the inability
to obtain either component parts or FAA approval of products incorporating new
component parts.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quality Assurance<a name="QualityAssurance_022235"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Product quality is of
vital importance to our customers, and we have taken steps to enhance the
overall quality of our products. We are ISO 9001 and AS 9100 certified. ISO
9001 and AS 9100 standards are an international consensus on effective
management practices with the goal of ensuring that a company can consistently
deliver its products and related services in a manner that meets or exceeds
customer quality requirements. These standards allow us to represent to our
customers that we maintain high quality industry standards in the education of
our employees and the design and manufacture of our products. In addition, our
products undergo extensive quality control testing prior to being delivered to
customers. As part of our quality assurance procedures, we maintain detailed
records of test results and our quality control processes.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Competition<a name="OurCompetition_022235"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The market for our products is highly competitive and
characterized by several industry niches in which a number of manufacturers
specialize. Our competitors vary in size and resources, and substantially all
of our competitors are much larger and have substantially greater resources
than us. With respect to air data systems and related products, our principal
competitors include Kollsman Inc., Honeywell International Inc., Rockwell
Collins,&nbsp;Inc., Thales and Smiths PLC. With respect to flat panel displays,
our principal competitors currently include Honeywell, Rockwell Collins,&nbsp;Inc.,
L-3 Communications and Smiths. However, because the flat panel display
industry is a new and evolving market, as the demand for flat panel displays
increases we may face competition in this area from additional companies in the
future.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We believe that the
principal competitive factors in the markets we serve are cost, development
cycle time, responsiveness to customer preferences, product quality, technology
and reliability. We believe that our significant and long-standing customer
relationships reflect our ability to compete favorably with respect to these
factors.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intellectual
Property and Proprietary Rights<a name="IntellectualPropertyAndProprietar_022235"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We rely on patents to protect our proprietary
technology. We currently hold 17 U.S. patents and have 5 U.S. patent
applications pending relating to our technology. In addition, we hold 11
international patents and have 13 international patent applications pending.
Certain of these patents and patent applications cover technology relating to
air data measurement systems and calibration techniques while others cover
technology relating to flat panel display systems and other aspects of our
COCKPIT/IP&#153; solution. While we believe that these patents have significant
value in protecting our technology, we also believe that the innovative skill,
technical expertise and the know-how of our personnel in applying the
technology reflected in our patents would be difficult, costly and time
consuming to reproduce.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While there are no pending
lawsuits against us regarding patent infringement or other intellectual
property rights, we cannot be certain such infringement claims will not be
asserted against us in the future.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Innovative
Solutions and Support Website<a name="InnovativeSolutionsAndSupportWebs_022235"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our primary website is <i>http://www.innovative-ss.com</i>. We make available, free of
charge, at our corporate website our annual report on Form&nbsp;10-K,
quarterly reports on Form&nbsp;10-Q, current reports on Form&nbsp;8-K
and amendments to those reports filed or furnished pursuant to Section&nbsp;13(a)&nbsp;or
15(d)&nbsp;of the Securities and Exchange Act of 1934, as amended, as soon as
reasonably practicable after we electronically file such material with, or
furnish it to, the SEC.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our Employees<a name="OurEmployees_022236"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of September&nbsp;30, 2006, we had 138 employees,
51 were in our manufacturing and assembly operations, 50 in research and
development, 8 in quality and 29 in selling&nbsp;&amp; general administrative
positions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our future success depends
on our ability to attract, train and retain highly qualified personnel. We plan
to hire additional personnel, including, in particular, sales and marketing
personnel, during the next twelve months. Competition for such qualified
personnel is intense and we may not be able to attract, train and retain highly
qualified personnel in the future. Our employees are not represented by a labor
union.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other<a name="Other_022236"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;13, 2005, the Company&#146;s Board of
Directors approved a three-for-two split of the Company&#146;s common stock. The
stock split was in the form of a fifty percent (50%) stock dividend that was
paid on July&nbsp;7, 2005 to shareholders of record on June&nbsp;23, 2005. The
issued and outstanding common stock and all share and per share amounts (except
par value) have been retroactively restated in this report to give effect to
this three-for-two stock split.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Executive Officers of the
Registrant</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following is a list of our executive officers, their ages and their positions:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
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  <td width="29" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:21.8pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Name</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="163" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:122.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="25" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:18.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Age</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="296" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:222.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Position</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="199" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:149.35pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Geoffrey&nbsp;S.&nbsp;M.&nbsp;Hedrick</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:222.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman
  of the Board and Chief Executive Officer</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="199" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:149.35pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roman G.
  Ptakowski</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:222.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="199" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:149.35pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James J. Reilly</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="296" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:222.25pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Geoffrey
S. M. Hedrick </font></i></font>has been Chief Executive Officer since
he founded IS&amp;S in February&nbsp;1988 and Chairman of the Board since 1997.
Prior to founding IS&amp;S, Mr.&nbsp;Hedrick served as President and
Chief&nbsp;Executive Officer of Smiths Industries North American Aerospace
Companies. He also founded Harowe Systems,&nbsp;Inc. in 1971, which was
subsequently acquired by Smiths Industries. Mr.&nbsp;Hedrick has over 35 years
of experience in the avionics industry, and he holds a number of patents in the
electronics, optoelectric, electromagnetic, aerospace and contamination-control
fields.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Roman
G. Ptakowski </font></i></font>has been President since March&nbsp;2003.
Prior to that, Mr.&nbsp;Ptakowski served as a Group Vice President and General
Manager and, before that, as a Vice President of Sales and Marketing at B/E
Aerospace,&nbsp;Inc. Previously, Mr.&nbsp;Ptakowski held a number of positions
with increasing responsibility within ASEA Brown Boveri Power T&amp;D Company,&nbsp;Inc.
There, he was General Manager of the Protective Relay Division before leaving
to join B/E Aerospace,&nbsp;Inc. Mr.&nbsp;Ptakowski received a B.S. in
Electrical Engineering from New York University and a MBA from Duke University.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">James J. Reilly </font></i></font>has
been Chief Financial Officer since February&nbsp;2000. From 1996 to 1999, Mr.&nbsp;Reilly
was employed by B/E Aerospace,&nbsp;Inc., Seating Products Group, as Vice
President and Chief Financial Officer. From 1989 to 1996, Mr.&nbsp;Reilly was
employed by E-Systems,&nbsp;Inc. as Vice President and Principal Accounting
Officer. Mr.&nbsp;Reilly received a Bachelor of Science degree and a MBA from
The University of Hartford.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1A.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Risk
Factors.<a name="Item1a_RiskFactors__022236"></a></p>

<p style="font-style:italic;margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">You should carefully consider the risks, uncertainties
and other factors described below, in addition to the other information set
forth in this report, because they could materially and adversely affect our
business, operating results, financial condition, cash flows and prospects as
well as adversely affect the value of an investment in our common stock.</font></i></p>


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<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to
Our Business</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our sales
principally relate to air data and flat panel systems products, and we cannot
be certain that the market will continue to accept these or other products.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During fiscal 2006 and 2005, we derived 62% and 94%,
respectively, of our revenues from the sale of air data systems and related
products. We expect that revenues from our air data products will continue to
decline as the peak demand associated with the FAA&#146;s RVSM mandate has been
accommodated. Accordingly, our revenues will decrease if new products such as
our Flat Panel Display Systems do not receive market acceptance or if our
existing customers do not continue to incorporate our products in their
retrofitting or manufacturing of aircraft. In seeking new customers, it may be
difficult for our products to displace competing products. Accordingly, we
cannot assure you that potential customers will accept our products or that
existing customers will not abandon them.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A portion of our sales have been, and we expect will
continue to be, to defense contractors or government agencies in connection
with government aircraft retrofit or original manufacturing contracts. Sales to
government contractors and government agencies accounted for approximately 29%
and 20% respectively, of our revenues during fiscal 2006 and 2005. Our revenues
in this area could decline as a result of DoD spending cuts and general
budgetary constraints.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, our revenues are concentrated with a
limited number of customers. We derived 47% of our revenues during fiscal year
2006 from 5 customers, DoD, Department of National Defense Canada, ABX Air,
Boeing and Star Aviation. We derived 47% of our revenues during fiscal year
2005 from 5 customers, Bombardier, Star Aviation, Garrett, FedEx and the DoD.
We expect a relatively small number of customers to account for a majority of
our revenues for the foreseeable future. As a result of our concentrated
customer base, a loss of one or more of these customers could have a material
adverse effect on our revenues and results of operations.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">The growth of our
customer base could be limited by delays or difficulties in completing the
development and introduction of our planned products or product enhancements.
If we fail to enhance existing products or to develop and achieve market
acceptance for flat panel displays and other new products that meet customer
requirements, our business may not grow.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although a substantial majority of our revenues in the
past have come from sales of air data systems and related products, we
currently spend a large portion of our research and development efforts in
developing and marketing our flat panel display systems (CIP) and complementary
products. Our ability to grow and diversify our operations through the
introduction and sale of new products, such as flat panel display systems, is
dependent upon our success in continuing product development and engineering
activities as well as our sales and marketing efforts and our ability to obtain
requisite approvals to sell such products. Our sales growth will also depend in
part on the market acceptance of and demand for our CIP and future products. We
cannot be certain that we will be able to develop, introduce or market our CIP
or other new products or product enhancements in a timely or cost-effective
manner or that any new products will receive market acceptance or necessary
regulatory approval.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">We rely on third
party suppliers for components of our air data systems products, and any
interruption in the supply of these components could hinder our ability to
deliver our products.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our manufacturing process consists primarily of
assembling components purchased from our supply chain. These suppliers may not
continue to be available to us. If we are unable to maintain relationships with
key third party suppliers, the development and distribution of our products
could be delayed until equivalent components can be obtained and integrated
into our products. In addition, substitution of certain components from other
manufacturers may require FAA or other approval, which could delay our ability
to ship products.</font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our government retrofit projects are generally
pursuant to either a direct contract with a government agency or a subcontract
with the general contractor to a government agency. Each contract includes
various federal regulations that impose certain requirements on us, including
the ability of the government agency or general contractor to alter the price,
quantity or delivery schedule of our products. In addition, the government
agency or general contractor retains the right to terminate the contract at any
time at its convenience. Upon alteration or termination of these contracts, we
would be entitled to an equitable adjustment to the contract price so that we
may receive the purchase price for items we have delivered and reimbursement
for allowable costs we have incurred. Accordingly, because these contracts can
be terminated, we cannot assure you that our government retrofit backlog will
result in sales.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">We depend on key
personnel to manage our business effectively, and if we are unable to retain
our key employees, our ability to compete could be harmed.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our success depends on the efforts, abilities and
expertise of our senior management and other key personnel. With the exception
of our President, we generally do not have employment agreements with our
employees. There can be no assurance that we will be able to retain such
employees, the loss of some of whom could hurt our ability to execute our
business strategy. We intend to continue hiring key management and sales and
marketing personnel. Competition for such personnel is intense, and we may not
be able to attract or retain additional qualified personnel. We do not maintain
key man life insurance for our executive officers.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our future success will depend in part on our ability
to implement and improve our operational, administrative and financial systems
and controls and to manage, train and expand our employee base. We cannot
assure you that our current and planned personnel levels, systems, procedures
and controls will be adequate to support our future operations. If inadequate,
we may not be able to exploit existing and potential market opportunities. Any
delays or difficulties we encounter could impair our ability to attract new
customers or enhance our relationships with existing customers. Our revenue and
operating results may vary significantly from quarter to quarter, which may
cause our stock price to decline.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our revenues and operating results may vary
significantly from quarter to quarter due to a number of factors, including:</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>demand
for our products;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>capital
expenditure budgets of aircraft owners and operators and appropriation cycles
of the U.S. government;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>changes
in the use of our products, including air data systems and flat panel displays;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>delays
in introducing or obtaining government approval for new products;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>new
product introductions by competitors;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>changes
in our pricing policies or the pricing policies of our competitors; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>costs
related to possible acquisitions of technologies or businesses.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We plan to increase our operating expenses to expand
our sales and marketing operations and fund greater levels of product
development. As a result, a delay in generating revenues could cause
significant variations in our operating results from quarter to quarter.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our competition
includes other manufacturers of air data systems and flight information
displays against whom we may not be able to compete successfully.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The markets for our products are intensely competitive
and subject to rapid technological change. Our competitors include Kollsman,&nbsp;Inc.,
Honeywell International Inc., Rockwell Collins Inc., Smiths Industries plc and
L-3 Communications. Substantially all of our competitors have
significantly greater financial, </font></p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">technical and human
resources than we do. In addition, our competitors have much greater experience
in and resources for marketing their products. As a result, our competitors may
be able to respond more quickly to new or emerging technologies and customer
preferences or devote greater resources to the development, promotion and sale
of their products than we can. Our competitors may also have greater name
recognition and more extensive customer bases that they can use to their
benefit. This competition could result in price reductions, fewer customer
orders, reduced gross margins and loss of market share.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">We may not be able
to identify or complete acquisitions or we may consummate an acquisition that
adversely affects our operating results.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One of our strategies is to acquire businesses or
technologies that will complement our existing operations. We have limited
experience in acquiring businesses or technologies. There can be no assurance
that we will be able to acquire or profitably manage acquisitions or
successfully integrate them into our operations. Furthermore, certain risks are
inherent in pursuing acquisitions, such as the diversion of management&#146;s time
and attention and combining disparate company cultures and facilities.
Acquisitions may have an adverse effect on our operating results, particularly
in quarters immediately following the consummation of such transactions, as we
integrate the operations of the acquired businesses into our operations. Once
integrated, acquisitions may not perform as expected.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our success depends
on our ability to protect our proprietary rights, and there is a risk of
infringement. If we are unable to protect and enforce our intellectual property
rights, we may be unable to compete effectively.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our success and ability to compete will depend in part
on our ability to obtain and maintain patent or other protection for our
technology and products, both in the United States and abroad. In addition, we
must operate without infringing the proprietary rights of others.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We currently hold 17 U.S.
patents and have 5 U.S. patent applications pending. In addition, we hold
11&nbsp;international patents and have 13 international patent applications
pending. We cannot be certain that patents will be issued on any of our present
or future applications. In addition, our existing patents or any future patents
may not adequately protect our technology if they are not broad enough, are
successfully challenged or other entities are able to develop competing methods
without violating our patents. If we are not successful in protecting our
intellectual property, competitors could begin to offer products that
incorporate our technology. Patent protection involves complex legal and
factual questions and, therefore, is highly uncertain, and litigation relating
to intellectual property is often very time consuming and expensive. If a
successful claim of patent infringement were made against us or we are unable
to develop non-infringing technology or license the infringed or similar
technology on a timely and cost-effective basis, we might not be able to make
some of our products.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Risks Related to
Our Industry</font></i></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">If we are unable to
respond to rapid technological change, our products could become obsolete and
our reputation could suffer.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Future generations
of air data systems, engine and fuel displays and flat panel displays embodying
new technologies or new industry standards could render our products obsolete.
The market for aviation products is subject to rapid technological change, new
product introductions, changes in customer preferences and evolving industry
standards. Our future success will depend on our ability to:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>adapt
to rapidly changing technologies;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>adapt
our products to evolving industry standards; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>develop
and introduce a variety of new products and product enhancements to address the
increasingly sophisticated needs of our customers.</p>


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<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our future success will also depend on our developing
high quality, cost-effective products and enhancements to our products that
satisfy the needs of our customers and on our introducing these new
technologies to the marketplace in a timely manner. If we fail to modify or
improve our products in response to evolving industry standards, our products
could rapidly become obsolete.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our products are currently subject to direct
regulation by the FAA, its European counterpart, the European Aviation Safety
Administration (EASA), and other comparable organizations. Our products, as
they relate to aircraft applications, must be approved by the FAA, EASA or
other comparable organizations before they can be used in an aircraft. To be
certified, we must demonstrate that our products are accurate and able to
maintain certain levels of repeatability over time. Although the certification
requirements of the FAA and the EASA are substantially similar, there is no
formal reciprocity between the two systems. Accordingly, even though some of
our products are FAA-approved, we may need to obtain approval from the
EASA or other appropriate organizations to have them certified for installation
outside the United States.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Significant delay in receiving certification for newly
developed products or enhancements to our products or losing certification for
our existing products could result in lost sales or delays in sales.
Furthermore, the adoption of additional regulations or product standards, as
well as changes to the existing product standards, could require us to change
our products and underlying technology. We cannot assure you that we will
receive regulatory approval on a timely basis or at all.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because our
products utilize sophisticated technology and are deployed in complex aircraft
cockpit environments, problems with these products may arise that could
seriously harm our reputation for quality assurance and our business.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our products use
complex system designs and components that may contain errors, omissions or
defects, particularly when we incorporate new technologies into our products or
we release new versions or enhancements of our products. Despite our quality
assurance process, errors, omissions or defects could occur in our current
products, in new products or in new versions or enhancements of existing
products after commercial shipment has begun. We may be required to redesign or
recall those products or pay damages. Such an event could result in the
following:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>delay
or loss of revenues;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>cancellation
of customer contracts;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>diversion
of development resources;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>damage
to our reputation;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>increased
service and warranty costs; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>litigation
costs.</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although we currently carry product liability
insurance, this insurance may not be adequate to cover our losses in the event
of a product liability claim. Moreover, we may not be able to maintain such
insurance in the future.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have limited experience in marketing and distributing
our products internationally.</font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We expect to derive an increasing amount of our
revenues from sales outside the United States, particularly in Europe. There
are certain risks inherent in doing business on an international basis, such
as:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>differing
regulatory requirements for products being installed in aircraft;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>legal
uncertainty regarding liability;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>tariffs,
trade barriers and other regulatory barriers;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>political
and economic instability;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>changes
in diplomatic and trade relationships;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>potentially
adverse tax consequences;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>the
impact of recessions in economies outside the United States; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>variance
and unexpected changes in local laws and regulations.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currently, all of our
international sales are denominated in U.S. dollars. An increase in the value
of the dollar compared to other currencies could make our products less
competitive in foreign markets. In the future, we may be required to conduct
sales in local currencies, exposing us to changes in exchange rates that could
adversely affect our operating results.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 1B.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unresolved
Staff Comments.<a name="Item1b_UnresolvedStaffComments__023534"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 2.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Properties.<a name="Item2_Properties__023536"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In fiscal 2001 we
purchased 7.5 acres of land in the Eagleview Corporate Park in Exton,
Pennsylvania, a suburb of&#160; Philadelphia.
There we constructed a 44,800 square foot design, manufacturing and office
facility. Land development approval allows for expansion of up to 20,400
additional square feet. This would provide for a 65,200 square foot facility.
The construction was principally funded with a Chester County, Pennsylvania,&#160; Industrial Revenue Bond. The building serves
as security for the Industrial Revenue Bond.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Legal
Proceedings.<a name="Item3_LegalProceedings__023537"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the ordinary course of
our business, we are at times subject to various legal proceedings. We do not
believe that any current legal proceedings will have a material adverse effect
on our results of operations or financial position.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 4.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Submission
of Matters to a Vote of Security Holders.<a name="Item4_SubmissionOfMattersToAVoteO_023538"></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No matters were submitted to a vote of our
shareholders during the three months ended September&nbsp;30, 2006.</font></p>


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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Part&nbsp;II<a name="Partii_023045"></a></font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 5.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Market
for the Registrant&#146;s Common Equity and Related Stockholder Matters.<a name="Item5_MarketForTheRegistrantsComm_031427"></a></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
common stock has been traded on the Nasdaq National Market under the symbol &#147;ISSC&#148;
since our initial public offering on August&nbsp;4, 2000. The following table
lists the high and low per share sale prices for our common stock for the
periods indicated:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="333" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:249.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="93" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:70.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fiscal&nbsp;2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="93" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:70.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fiscal&nbsp;2005</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="33" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.4pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Period</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="294" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:220.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">High</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Low</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">High</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Low</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="333" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:249.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.90</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.70</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.65</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.37</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="333" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:249.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Second Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.66</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.50</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.79</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.71</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="333" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:249.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.17</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.12</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.13</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.07</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="333" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:249.95pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fourth Quarter</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.25</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.61</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.50</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.75</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="33" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="294" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December 1, 2006, there were 26 holders of record
of the shares of outstanding common stock.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have not paid cash dividends on our common stock,
and we do not expect to declare or pay cash dividends on our common stock in
the near future. We intend to retain any earnings to finance the growth of our
business.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;28, 2005
the Company&#146;s Board of Directors approved a common stock repurchase program to
acquire up to 2,000,000 shares of our outstanding common stock. Purchases of
the stock were to be made from time to time, subject to market conditions and
at prevailing market prices. The program expired on June&nbsp;30, 2006. During
fiscal year 2006 we purchased 1,272,510 shares of common stock under the
program at a cost of $18.1 million, or an average market price of $14.21 per
share. We financed these purchases through our available cash.</font></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity Compensation
Plan Information<a name="EquityCompensationPlanInformation_023406"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table gives information about our common stock that may be issued
upon the exercise of options and rights under all of our existing equity
compensation plans and arrangements as of September&nbsp;30, 2006, including
the 1998 Stock Option Plan.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="67" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.5pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Plan&nbsp;Category</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="137" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:102.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="111" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:83.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Securities&nbsp;to<br>
  be&nbsp;issued&nbsp;upon&nbsp;exercise<br>
  of&nbsp;outstanding&nbsp;options<br>
  and&nbsp;rights</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="94" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:70.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted-average<br>
  exercise&nbsp;price&nbsp;of<br>
  outstanding&nbsp;options<br>
  and&nbsp;rights</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="140" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:105.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Securities<br>
  remaining&nbsp;available&nbsp;for&nbsp;future<br>
  issuance&nbsp;under&nbsp;equity<br>
  compensation&nbsp;plans<br>
  (excluding&nbsp;securities&nbsp;reflected<br>
  in&nbsp;second&nbsp;column)</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="211" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:158.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="211" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:158.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity
  compensation plans approved by security holders</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">705,129</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.95</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,698,065</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="211" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:158.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity
  compensation plans not approved by security holders</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="211" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:158.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">705,129</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.95</font></p>
  </td>
  <td width="31" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:23.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,698,065</font></p>
  </td>
  <td width="42" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:31.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The 2003 Restricted Stock Plan for non-employee
directors was approved by shareholders at the Company&#146;s February&nbsp;26, 2004
Annual Meeting of Shareholders. The Plan called for an annual award of
restricted stock having a fair market value of $25,000 as of the close of
business on October&nbsp;1 of the current fiscal year for all eligible
non-employee directors. The stock is awarded in four installments quarterly
during the fiscal year provided the director is still serving on the board on
the quarterly issue date. In fiscal year 2005 the annual award was increased to
$40,000 effective the fourth quarter of the fiscal&nbsp;year.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='18',FILE='C:\Fc\338213818161_P66512CHE_1533400\24700-1-dk.htm',USER='jmsproofassembler',CD='Dec  4 21:39 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the fiscal years ended September&nbsp;30,
2006, 2005 and 2004, awards to our non-employee directors under the Plan were
15,396, 15,828 and 30,855 shares respectively.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 6.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Selected
Consolidated Financial Data.<a name="Item6_SelectedConsolidatedFinanci_031435"></a></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following tables present portions of our consolidated financial statements. You
should read the following selected consolidated financial data set forth below
together with &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations&#148; and our consolidated financial statements and related
notes to our financial statements appearing elsewhere herein. The selected
statement of operations data for the years ended September&nbsp;30, 2006, 2005
and 2004 and the balance sheet data as of September&nbsp;30, 2006 and 2005 are
derived from our audited consolidated financial statements included elsewhere
in this Annual Report on Form&nbsp;10-K. The selected statements of operations
data for the years ended September&nbsp;30, 2003 and 2002 and the balance sheet
data as of September&nbsp;30, 2004, 2003 and 2002 are derived from our audited
consolidated financial statements that are not included in this Annual Report
on Form&nbsp;10-K.</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableCenter --></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="368" colspan="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:275.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fiscal&nbsp;year&nbsp;ended&nbsp;September&nbsp;30,</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="13" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="13" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="13" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="13" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Statement of Operations Data:</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Net sales</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">16,721,967</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">63,264,359</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">46,099,777</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">28,168,752</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">28,345,620</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cost of sales</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">8,631,761</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">20,888,729</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">15,663,108</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">11,346,057</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">11,290,085</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Gross profit</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">8,090,206</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">42,375,630</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">30,436,669</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">16,822,695</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,055,535</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Research and development</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">6,749,426</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">6,057,889</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,811,156</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">3,376,849</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,755,422</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Selling, general and administrative</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">9,863,758</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">8,898,622</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7,567,959</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5,890,362</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5,732,886</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 27.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Total operating expenses</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">16,613,184</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">14,956,511</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">12,379,115</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">9,267,211</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">10,488,308</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Operating income (loss)</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(8,522,978</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">27,419,119</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,057,554</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7,555,484</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">6,567,227</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Interest (income) expense, net</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(3,091,986</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(1,764,246</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(404,727</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(450,421</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(722,850</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Income (loss) before income taxes</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(5,430,992</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">29,183,365</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,462,281</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">8,005,905</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">7,290,077</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Income tax (expense) benefit, net</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">2,548,600</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(10,598,563</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(6,530,084</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(2,464,715</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(1,879,799</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Net income (loss)</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(2,882,392</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 1.125pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="61" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,584,802</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">11,932,197</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5,541,190</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">5,410,278</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Net income (loss)
  per common share:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Basic</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(0.17</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.04</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0.69</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0.30</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0.28</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Diluted</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">(0.17</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">)</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="61" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">1.02</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0.67</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0.30</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">0.28</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Weighted average
  shares outstanding</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Basic</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,388,524</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,873,780</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,400,380</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,391,626</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19,246,341</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="224" valign="top" style="padding:0pt .7pt 0pt 0pt;width:168.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Diluted</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,388,524</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:49.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,259,856</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">17,928,180</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">18,743,661</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">19,604,081</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableCenter --></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="294" colspan="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:220.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="13" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="68" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="13" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="13" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2003</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2002</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:9.0pt;font-weight:bold;">Balance Sheet Data:</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="68" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">62,984,829</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="63" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:47.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">83,172,582</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">65,867,167</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">48,789,744</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">$</font></p>
  </td>
  <td width="57" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">52,245,754</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Working capital</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">73,751,866</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">93,455,475</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">70,627,114</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">55,996,411</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">59,158,307</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Total Assets</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">87,232,880</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">107,034,878</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">87,468,627</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">69,876,625</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">72,616,685</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;page-break-after:avoid;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Debt and capital lease obligations, less current
  portion</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,239,587</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,248,113</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,255,681</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,235,000</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">4,235,000</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="221" valign="top" style="padding:0pt .7pt 0pt 0pt;width:166.1pt;">
  <p style="margin:0pt 0pt .0001pt 9.0pt;text-indent:-9.0pt;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">Total
  shareholders&#146; equity</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">78,201,353</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">97,866,098</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">75,454,987</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">61,058,290</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:9.0pt;">64,726,210</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="221" style="border:none;"></td>
  <td width="13" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="57" style="border:none;"></td>
  <td width="13" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="63" style="border:none;"></td>
  <td width="13" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="57" style="border:none;"></td>
  <td width="13" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="57" style="border:none;"></td>
  <td width="13" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="57" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">19</font></p>
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<div>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0in 0in 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations.<a name="Item7_ManagementsDiscussionAndAna_030858"></a></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following discussion
and analysis should be read in conjunction with &#147;Selected Consolidated
Financial Data&#148; and our financial statements and the related notes included in
this report.</font></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Overview<a name="Overview_025709"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Innovative Solutions and Support was founded in 1988.
The Company designs, develops, manufactures and sells flight information
computers, large flat-panel displays and advanced monitoring systems that
measure and display critical flight information, including data relative to
aircraft separation , airspeed, altitude as well as engine and fuel data
measurements.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our sales are derived from the sale of our products to
the retrofit market and, to a lesser extent, original equipment manufacturers
(OEMs). Our customers include the DoD and their commercial contractors,
aircraft operators, aircraft modification centers and various OEMs.&nbsp;Although
we occasionally sell our products directly to the DoD, we primarily have sold
our products to commercial customers for end use in DoD programs. Sales to
defense contractors are on commercial terms, although some of the termination
and other provisions of government contracts are applicable to these contracts.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our cost-of-sales is comprised of material components
purchased through our supplier base and direct in-house assembly labor and
overhead costs. Many of the components we use in assembling our products are
standard, although certain parts are manufactured to meet our specifications. The
overhead portion of cost of sales is primarily comprised of salaries and
benefits, building occupancy, supplies, and outside service costs related to
our production, purchasing, material control and quality departments, and
warranty costs.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We intend to continue investing in the development of
new products that complement our current product offerings and will expense
associated research and development costs as they are incurred.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our selling, general and
administrative expenses consist of sales, marketing, business development,
professional services and salaries and benefits for executive and
administrative personnel as well as facility costs, recruiting, legal,
accounting and other general corporate expenses.</font></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Results of
Operations<a name="ResultsOfOperations_025714"></a></font></b></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal Year Ended September&nbsp;30,
2006 Compared to Fiscal Year Ended September&nbsp;30, 2005</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net
sales.</font></i></font><i>&nbsp;&nbsp; </i>Net
sales decreased $46.5 million or 73% to $16.7 million for fiscal 2006 from
$63.3 million for fiscal 2005. The decrease in net sales was primarily the
result of a fall off in Air Data deliveries coupled with a slow start up of
Flat Panel Display System deliveries. Significant Air Data product deliveries
were realized in fiscal 2005 in order for aircraft to meet the Federal Aviation
Administration&#146;s (FAA) Reduced Vertical Separation Minimum (RVSM) mandate that
became effective on January&nbsp;20, 2005. As a result Air Data sales peaked in
fiscal 2005 and were sharply reduced in fiscal 2006. Flat Panel Display System
sales amounted to $6.4 million in fiscal 2006 and exceeded the prior year by
56%. The increase, however, was not sufficient enough to offset reduced Air
Data sales.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost
of sales.</font></i></font>&nbsp;&nbsp; Cost of sales decreased $12.3 million
or 59% to $8.6 million, or 51% of net sales, for fiscal 2006 from $20.9
million, or 33% of net sales, for fiscal 2005. The decrease in the dollar
amount was essentially due to lower sales in the period. The increase as a
percent of net sales was primarily the result of fixed operating costs being
absorbed over lower net sales in the fiscal year.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research
and development.</font></i></font><i>&nbsp;&nbsp; </i>Research
and development expenses increased $0.7million, or 11% to $6.7 million, or 40%
of net sales for fiscal 2006 from $6.1 million or 10% of net sales for fiscal
2005. The dollar increase was principally due to increased salaries and
associated benefits, consultants and supplies. Expense on a percent to sales
basis increased due to lower sales in the fiscal year.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0in .0001pt;text-align:center;"><font face="Times New Roman">20</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling,
general and administrative expenses.</font></i></font><i>&nbsp;&nbsp; </i>Selling, general and administrative
expenses increased $1.0 million or 11% to $9.9 million, or 59% of net sales,
for fiscal 2006 from $8.9 million, or 14% of net sales, for fiscal 2005. The
increase in the dollar amount was principally the result of legal and other
fees relating to intellectual property matters and to recording, for the first
time in accordance with FAS 123R, stock based compensation expense. Increases
in these two areas were partially offset by lower commissions and lower salary
related expenses. The increase as a percent of net sales was the result of both
increased expenses and lower sales in the fiscal year.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
(income) expense, net.</font></i></font><i>&nbsp;&nbsp; </i>Net
interest income increased $1.3 million or 75% to $3.1 million for fiscal 2006
from $1.8 million for fiscal 2005. Net interest income for fiscal 2006 was
higher mainly because of higher interest rates in the period.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income
tax.&nbsp;&nbsp; </font></i></font>The income tax benefit for fiscal 2006 was
$2.5 million. The income tax expense for fiscal 2005 was $10.6 million. The
decrease in the amount of tax from a tax expense to a tax benefit was primarily
due to recording a loss before tax fiscal year 2006.</p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effective tax rate for fiscal 2006 was a benefit
of 46.9%. For fiscal 2005 the effective tax rate was 36.3%. For fiscal 2006 the
effective tax rate differs from the statutory rate due to the benefit for state
income taxes and an adjustment to the tax payable accounts, partially offset by
the loss of benefit from the deduction for domestic production activities and
the exclusion for extraterritorial income due to the taxable loss for the year.
For fiscal 2005 the effective tax rate differs from the statutory rate due to
state tax expense, partially offset by the utilization of research and
development tax credits.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income (loss).</font></i></font><i>&nbsp;&nbsp; </i>As a result of the factors
described above, our net loss for fiscal 2006 was $2.9&nbsp;million a $21.5
million decrease from net income of $18.6 million for fiscal 2005. On a fully
diluted basis, the loss per share of $0.17 for fiscal 2006 compares to an earnings
per share of $1.02 for fiscal 2005.</p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal Year Ended September&nbsp;30,
2005 Compared to Fiscal Year Ended September&nbsp;30, 2004</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net
sales.</font></i></font><i>&nbsp;&nbsp; </i>Net
sales increased $17.2 million or 37% to $63.3 million for fiscal 2005 from
$46.1 million for fiscal 2004. The rise in net sales was primarily due to
increased demand for our Air Data Products. Flat Panel Display System sales
increased from $1.1 million in fiscal 2004 to $3.9 million in fiscal 2005, a
250% increase. Approximately one-half of the increased Air Data demand was
attributable to military retrofit programs. The balance was principally in
response to commercial aviation upgrading aircraft with air data systems that
comply with the Federal Aviation Administration&#146;s (FAA) Reduced Vertical
Separation Minimum (RVSM) mandate. Several general aviation customers,
including Garrett, Gulfstream, Bombardier, Star Aviation and AeroMech
contributed to the year over year growth in net sales.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost
of sales.</font></i></font>&nbsp;&nbsp; Cost of sales increased $5.2 million
or 33% to $20.9 million, or 33% of net sales, for fiscal 2005 from $15.7
million, or 34% of net sales, for fiscal 2004. The increase in the gross dollar
amount was due to higher net sales in the period. The decline as a percentage
of net sales was primarily the result of our fixed operating cost being
absorbed over higher net sales in the current period.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research
and development.</font></i></font><i>&nbsp;&nbsp; </i>Research
and development expenses increased $1.2 million, or 26% to $6.1 million, or 10%
of net sales in fiscal 2005 from $4.8 million or 10% of net sales in fiscal
2004. The gross dollar increase was principally due to increased salaries and
associated benefits. Expense on a percent to sales basis was essentially
unchanged from year to year.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling,
general and administrative expenses.</font></i></font><i>&nbsp;&nbsp; </i>Selling, general and administrative
expenses increased $1.3 million or 18% to $8.9 million, or 14% of net sales,
for fiscal 2005 from $7.6 million, or 16% of net sales, for fiscal 2004. The
increase in the dollar amount was the result of higher wages, the cost of
corporate governance initiatives and commissions due to higher net sales. The
decrease as a percent of net sales was the result of higher net sales in the
current period.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0in .0001pt;text-align:center;"><font face="Times New Roman">21</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest
(income) expense, net.</font></i></font><i>&nbsp;&nbsp; </i>Net
interest income increased $1.4 million or 336% to $1.8 million for fiscal 2005
from $0.4 million in fiscal 2004. Net interest income for fiscal 2005 was
higher because of higher interest rates in the period coupled with higher cash
balances.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income
tax.</font></i></font><i>&nbsp;&nbsp; </i>Income
tax expense was $10.6 million in fiscal 2005 compared to $6.5 million in fiscal
2004. The $4.1 million income tax increase was the result of a higher pre tax
profits for fiscal 2005. Tax rates in both years were essentially unchanged,
ranging from 35.4% in fiscal 2004 to 36.3% in fiscal 2005.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:20.0pt;"><font style="font-style:italic;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income.</font></i></font><i>&nbsp;&nbsp; </i>As a result of the factors
described above, net income increased $6.7 million or 56% to $18.6 million, or
29% of net sales in fiscal 2005 from $11.9 million, or 26% of net sales in
fiscal 2004. On a fully diluted basis, earnings per share (EPS) increased $0.35
or 52% to $1.02 during fiscal 2005 from $0.67 in fiscal 2004.</p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Related-Party
Transactions:<a name="RelatedpartyTransactions_025834"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company incurred legal fees of $357,000, $137,000,
and $115,898 with a law firm that is a shareholder of the Company for the years
ended September&nbsp;30, 2006, 2005 and 2004, respectively. The fees paid and
services rendered were comparable with the fees paid and services rendered
prior to the law firm&#146;s investment in the Company.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the years ended September&nbsp;30,
2006, 2005 and 2004, respectively, we incurred service fees of $25,000, $33,000
and $124,932 with a commercial graphics firm controlled by an individual who is
married to a significant shareholder and the daughter of the Company&#146;s Chairman
and Chief Executive Officer.</font></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liquidity and
Capital Resources<a name="LiquidityAndCapitalResources_025837"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our primary source of liquidity over the past three
years has been cash flows from operations. We require cash principally to
finance inventory, payroll and accounts receivable.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our cash flow used in operating activities was a $1.6
million in fiscal 2006 as compared to a contribution of $16.0 million in fiscal
2005. The $17.6 million difference was attributable to a swing in net income of
$21.5 million from net loss in the current fiscal year of $2.9 million to $18.6
million of net income in fiscal year 2005; also, inventory grew by $3.8
million. Partially offsetting the decline in operating cash flow were reduced
prepaid expenses, $3.3 million, accounts receivable, $2.6 million, and accrued
expenses, $0.9 million.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our cash flow provided by operating activities was
$16.0 million in fiscal 2005 as compared to $16.1&nbsp;million in fiscal 2004.
While the cash flows were essentially the same, there were several offsetting
amounts, as follows: Net income was up $6.7 million, inventory improved $3.6
million and tax benefits contributed $1.3 million. Offsetting the increase in
year over year cash flow were prepaid expenses ($3.4)&nbsp;million, accounts
payable ($2.5) million and accounts receivable ($2.4) million.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our cash used in investing activities was $0.7 million
in fiscal 2006 and consisted of spending for product certification, production
equipment and laboratory test equipment as compared to $0.5 million used in
fiscal 2005 for production equipment, laboratory test equipment, computer
equipment and office furniture. Our cash used in investing activities, mainly
for manufacturing and engineering equipment, was $0.8 million in fiscal 2004.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our cash outflow from financing activities was $17.9
million for fiscal 2006. The primary use of cash for financing activities was
attributable to the Company purchasing 1,272,510 shares of our stock at a total
cost of $18.1 million. In fiscal year 2005 our cash inflow from financing
activities was $1.8 million and was the result of stock option exercises. In
fiscal year 2004 our cash inflow was due to the exercise of stock options, $1.1
million, and the exercise of warrants, $0.7million.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0in .0001pt;text-align:center;"><font face="Times New Roman">22</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To accommodate our future growth, we purchased 7 and </font><font size="1" style="font-size:6.0pt;position:relative;top:-3.0pt;">1</font><font face="Symbol">&#164;</font><font size="1" style="font-size:6.0pt;">2</font>
acres of land in the Eagleview Corporate Park, Exton, Pennsylvania. There we
constructed a 44,800 square foot facility that is expandable to 65,200&nbsp;square
feet. Both the land and building cost approximate $6.5 million. Of this amount,
$4.3 million was funded through an Industrial Development Bond (IDB) and the
remainder from cash from operations.</p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The IBD requires the Company to maintain certain
financial covenants including a ratio of liabilities to earnings before
interest, taxes and depreciation and amortization (EBDITDA), fixed charge ratio
and a minimum tangible net worth. As of June&nbsp;30, 2006, the Company was in
violation of these financial covenants. The defaults were subsequently waived
and an amendment to the agreement was entered into with the lender whereby the
existing covenants were suspended until the fiscal quarter ending on June&nbsp;30,&nbsp;2007.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our future capital requirements depend on numerous
factors, including market acceptance of our products (in particular flat panel
display systems), the timing and rate of expansion of our business, acquisitions,
joint ventures and other factors. We have experienced increases in our
expenditures since our inception consistent with growth in our operations,
personnel, and product line and we anticipate that our operations and
expenditures will continue to increase in the foreseeable future. We believe
that our cash and cash equivalents, together with net proceeds from any new
credit facility we may enter into, will provide sufficient capital to fund our
operations for at least the next twelve months. However, we may need to raise
additional funds through public or private financing or other arrangements in
order to support more rapid expansion of our business than we currently
anticipate. Further, we may develop and introduce new or enhanced products, respond
to competitive pressures, invest in or acquire businesses or technologies or
respond to unanticipated requirements or developments.</font></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our
contractual obligations of September&nbsp;30, 2006 mature as follows:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="236" colspan="3" valign="bottom" style="padding:0in .7pt 0in 0in;width:177.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="354" colspan="14" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:265.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Payments&nbsp;Due&nbsp;by&nbsp;Period</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="114" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:85.45pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Contractual&nbsp;Obligations</font></b></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in .7pt 0in 0in;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="116" valign="bottom" style="padding:0in .7pt 0in 0in;width:86.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Less&nbsp;than<br>
  1&nbsp;Year</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">1-3&nbsp;Years</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">4-5&nbsp;Years</font></b></p>
  </td>
  <td width="16" valign="bottom" style="border:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">After&nbsp;5<br>
  Years</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="236" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:177.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest on loan
  from Chester County Industrial Dev. Auth.(1)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0in .7pt 0in 0in;width:41.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,505,979</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0in .7pt 0in 0in;width:41.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">167,331</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">334,662</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">334,662</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0in .7pt 0in 0in;width:41.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">669,324</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="236" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:177.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal on
  Chester County Industrial Loan</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,335,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,235,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="236" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:177.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating Lease</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55,020</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,008</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33,012</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="236" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:177.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital Leases</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,478</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,891</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,587</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="236" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:177.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Puchase
  Obligations(2)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,111,683</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">812,364</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">247,883</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="52" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:39.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,400</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,036</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="236" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:177.2pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:41.5pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,020,160</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:41.5pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,109,594</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">620,144</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="45" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">385,062</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in .7pt 0in 0in;width:12.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:41.5pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,905,360</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:1.7pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="114" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="116" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="55" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<div style="margin:0in 0in .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The interest on the
Industrial Development Bond assumes the current rate of 3.86%. The interest
rate set by the remarketing agent is consistent with 30-day tax-exempt
commercial paper.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0in 0in 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A
&#147;purchase obligation&#148; is defined as an agreement to purchase goods or services
that is enforceable and legally binding on the company and that specifies all
significant terms, including: fixed or minimum quantities to be purchased;
fixed, minimum or variable price provisions; and the approximate timing of the
transaction. These amounts are primarily comprised of open purchase order
commitments to vendors and subcontractors pertaining to fulfillment of our
current order backlog.</p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Off-Balance Sheet
Arrangements<a name="OffbalanceSheetArrangements_030310"></a></font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company does not have
any off-balance sheet arrangements.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0in .0001pt;text-align:center;"><font face="Times New Roman">23</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inflation<a name="Inflation_030323"></a></font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We do not believe that
inflation has had a material effect on our financial position or results of
operations during the past three years. However, we cannot predict the future
effects of inflation.</font></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Critical Accounting
Policies<a name="CriticalAccountingPolicies_030325"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amount of revenues and
expenses during the reporting period. The Company&#146;s most critical accounting
policies are revenue recognition, income taxes, allowance for doubtful
accounts, inventory valuation, share-based compensation and warranty reserves.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company recognizes sales for products when the
following revenue recognition criteria are met: persuasive evidence of an
arrangement exists, product delivery and acceptance has occurred, pricing is
fixed or determinable and collection is reasonably assured. The Company
recognizes sales upon shipment of products to customers.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sales related to certain long-term contracts requiring
development and delivery of products over several accounting periods are
accounted for under the American Institute of Certified Public Accountants
(AICPA) Statement of Position (SOP) 81-1, <i>Accounting
for Performance of Construction-Type and Certain Production-Type Contracts. </i>We
consider the nature of these contracts as well as the types of products and
services provided when determining the appropriate accounting treatment for a
particular contract. Certain long-term contracts are recorded on a percentage
of completion basis using cost-to-cost methodology to measure progress towards
completion.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company offers its customers extended warranties
for additional fees. These warranty sales are recorded as deferred revenue and
recognized as sales on a straight-line basis over the warranty period.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company enters into certain sales arrangements
that include multiple deliverables as defined in Emerging Issues Task Force
(EITF) Issue No.&nbsp;00-21, <i>Accounting for Revenue
Arrangements with Multiple Deliverables</i>. Effective July&nbsp;1,
2003, the Company identifies all goods and/or services that are to be delivered
separately under a sales arrangement and allocates revenue to each deliverable
based on fair value that is established with the customer during contract
negotiations. In general, revenues are separated between product sales and
non-recurring engineering services. The allocated revenue for each deliverable
is then recognized using appropriate revenue recognition methods. Effective for
transactions entered into after October&nbsp;1, 2003, the Company accounts for
transactions with software and non-software components under EITF Issue 03-5,
&#147;Applicability of AICPA Statement of Position 97-2, Software Revenue
Recognition, to Non-Software Deliverables in an Arrangement Containing
More-Than-Incidental Software.&#148;</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes are recorded in accordance with SFAS No.&nbsp;109,
<i>Accounting for Income Taxes</i>. Provisions
for federal and state income taxes are calculated on reported financial
statement pre-tax income based on current tax law. The Company recognizes
deferred tax assets and liabilities for temporary differences between the
financial reporting basis and the tax basis of the Company&#146;s assets and
liabilities and expected benefits of utilizing net operating loss
carryforwards. The impact on deferred taxes of changes in tax rates and laws,
if any, applied to the years during which temporary differences are expected to
be settled, are reflected in the consolidated financial statements in the
period of enactment.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We maintain an allowance for doubtful accounts for
estimated losses resulting from the inability of our customers to make required
payments. These allowances are determined by analyzing historical data and
trends. If actual losses are greater than estimated amounts or if the financial
condition of our </font></p>


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<p style="margin:0in 0in 6.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">customers were to
deteriorate, resulting in an impairment of their ability to make payments,
future results from operations could be adversely affected.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories are written down for estimated
obsolescence equal to the difference between the cost of inventory and the
estimated net realizable value based upon assumptions about future market
conditions. If actual future demand or market conditions are less favorable
than those projected by management, additional inventory write-downs may be
required.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We offer warranties on some products of various
lengths. At the time of shipment, we establish a reserve for the estimated cost
of warranties based on our best estimate of the amounts necessary to settle
future and existing claims using historical data on products sold as of the
balance sheet date. The length of the warranty period, the product&#146;s failure
rates and the customer&#146;s usage affects warranty cost. If the actual cost of
warranties differs from our estimated amounts, future results of operations
could be adversely affected.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective October&nbsp;1,
2005 the Company adopted the provisions of SFAS 123R, using the modified
prospective approach and now accounts for share-based compensation applying the
fair value method for expensing stock options. Accordingly, the adoption of
SFAS 123R&#146;s fair value method results in compensation costs under the Company&#146;s
1998 Stock Option Plan.</font></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">New Accounting
Pronouncements<a name="NewAccountingPronouncements_030401"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2006, the Financial Accounting
Standards Board (FASB) issued Statement of Financial Accounting Standards
(SFAS) No.&nbsp;157, <i>Fair Value Measurements</i>
(&#147;SFAS 157&#148;). SFAS 157 defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles, and expands
disclosures about fair value measurements. This statement does not require any
new fair value measurements; however, the application of this Statement may
change current practice for some entities. SFAS 157 is effective for fiscal
years beginning after November&nbsp;15, 2007. The Company is currently
evaluating the impact of this pronouncement.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2006, the Securities and Exchange
Commission issued Staff Accounting Bulletin 108, <i>&#147;Considering
the Effects of Prior Year Misstatements when Quantifying Misstatements in
Current Year Financial Statements&#148; (&#147;SAB 108&#148;).</i> SAB 108 provides
guidance on how prior year misstatements should be taken into consideration
when quantifying misstatements in current year financial statements for
purposes of determining whether the current year&#146;s financial statements are
materially misstated. SAB 108 is effective for the first fiscal year ending
after November&nbsp;15, 2006. The Company is in the process of evaluating the
impact of the adoption of this interpretation and does not believe that the
adoption of the SAB 108 will have a material impact on the Company&#146;s financial position
or results of operations.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In July&nbsp;2006, the FASB issued FASB Interpretation
48, <i>&#147;Accounting for Uncertainty in Income Taxes&#151;an
interpretation of FASB Statement No.&nbsp;109&#148;</i>  <i>(&#147;FIN 48&#148;)</i>.
FIN 48 clarifies the accounting for uncertainty in income taxes recognized in
an enterprise&#146;s financial statements in accordance with FASB Statement No.&nbsp;109,
&#147;Accounting for Income Taxes.&#148; This Interpretation prescribes a recognition
threshold and measurement attribute for the financial statement recognition and
measurement of a tax position taken or expected to be taken in a tax return. This
Interpretation also provides guidance on derecognition, classification,
interest and penalties, accounting in interim periods, disclosure, and
transition. FIN 48 is effective for fiscal years beginning after December&nbsp;15,
2006. The Company is currently evaluating the impact of this pronouncement.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In May&nbsp;2005, the FASB issued SFAS No.&nbsp;154, <i>&#147;Accounting Changes and Error Corrections&#151;a replacement of APB Opinion No.&nbsp;20
and FASB Statement No.&nbsp;3.&#148;</i> &#160;SFAS No.&nbsp;154 requires retrospective
application to prior periods&#146; financial statements of changes in accounting
principle, unless it is impracticable to determine either the period-specific
effects or the cumulative effect of the change. </font></p>


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<p style="margin:0in 0in 6.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SFAS&nbsp;No.&nbsp;154
also requires that retrospective application of a change in accounting
principle be limited to the direct effects of the change. Indirect effects of a
change in accounting principle, such as a change in nondiscretionary
profit-sharing payments resulting from an accounting change, should be
recognized in the period of the accounting change. SFAS No.&nbsp;154 also
requires that a change in depreciation, amortization, or depletion method for
long-lived, non-financial assets be accounted for as a change in accounting
estimate effected by a change in accounting principle. SFAS No.&nbsp;154 is
effective for accounting changes and corrections of errors made in fiscal years
beginning after December&nbsp;15, 2005. Early adoption is permitted for
accounting changes and corrections of errors made in fiscal years beginning
after the date this Statement is issued. The Company will adopt the provisions
of SFAS No.&nbsp;154 as applicable beginning in fiscal 2007.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2004, the FASB issued FASB Staff
Position (FSP) FAS 109-1, <i>&#147;Application of FASB
Statement No.&nbsp;109, Accounting for Income Taxes, to the Tax Deduction on
Qualified Production Activities Provided by the American Jobs Creation Act of
2004.&#148;</i> This FSP provides guidance on the application of Statement
109 to the provisions within the American Jobs Creation Act of 2005 (the Act),
which provides tax relief to U.S. domestic manufacturers. The FSP states that a
manufacturer&#146;s deduction provided for under the Act should be accounted for as
a special deduction in accordance with Statement 109 and not as a tax rate
reduction. The FSP also reminds preparers that the special deduction should be
considered by an enterprise in (a)&nbsp;measuring deferred taxes when the
enterprise is subjected to graduated tax rates, and (b)&nbsp;assessing whether
a valuation allowance is necessary as required by Statement 109. This statement
was effective immediately. The Company adopted this statement during fiscal
year 2005 and it did not have a material impact on the Company&#146;s financial
position or results of operations.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2004, the
FASB issued SFAS 151, <i>&#147;Inventory Costs.&#148;</i>
This Statement amends the guidance in ARB No.&nbsp;43, Chapter 4 &#147;Inventory
Pricing,&#148; to clarify the accounting for abnormal amounts of idle facility
expense, freight, handling costs, and wasted material (spoilage). Paragraph 5
of ARB 43, Chapter 4 previously stated that &#147;... under some circumstances,
items such as idle facility expense, excessive spoilage, double freight, and
rehandling costs may be so abnormal as to require treatment as current period
charges....&#148; This Statement requires that those items be recognized as
current-period charges regardless of whether they meet the criterion of &#147;so
abnormal.&#148; In addition, this Statement requires that allocation of fixed
production overheads to the costs of conversion be based on the normal capacity
of the production facilities. This statement is effective for inventory costs
incurred during fiscal years beginning after June&nbsp;15, 2005. The Company
adopted this statement on October&nbsp;1, 2005 and it did not have a material
impact on the Company&#146;s financial position or results of operations.</font></p>

<p style="font-weight:bold;margin:0in 0in 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business Segments<a name="BusinessSegments_030514"></a></font></b></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company operates in one principal business segment
which designs, manufactures and sells flight information computers, large
flat-panel displays and advanced monitoring systems to the DoD, government
agencies, defense contractors, commercial air transport carriers and
corporate/general aviation markets. The Company currently derives virtually all
of its revenues from the sale of this equipment. Almost all of the Company&#146;s
sales, operating results and identifiable assets are in the United States. Net
sales, operating results, and identifiable assets outside of the U.S. are not
significant.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In Fiscal Year 2006 net
sales outside the United States amounted to $2.8 million. Of this amount,
$1.5&nbsp;million was with Canada&#146;s Department of National Defense.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0in 0in 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7A.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Quantitative
and qualitative disclosures about market risk.<a name="Item7a_QuantitativeAndQualitative_030924"></a></p>

<p style="margin:0in 0in 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s operations
are exposed to market risks primarily as a result of changes in interest rates.
The Company does not use derivative financial instruments for speculative or
trading purposes. The Company&#146;s exposure to market risk for changes in interest
rates relates to its cash equivalents and an </font></p>


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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">industrial
revenue bond. The Company&#146;s cash equivalents consist of funds invested in money
market accounts, which bear interest at a variable rate, while the industrial
revenue bond carries an interest rate that is consistent with 30-day
tax-exempt commercial paper. As the interest rates are variable, a change in
interest rates earned on the cash equivalents or paid on the industrial revenue
bond, would impact interest income and expense along with cash flows, but would
not impact the fair market value of the related underlying instruments.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0in 0in 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 8.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial
statements and supplementary data.<a name="Item8_FinancialStatementsAndSuppl_030932"></a></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The financial statements of Innovative Solutions and
Support,&nbsp;Inc. listed in the index appearing under Item 8 herein are filed
as part of this Report.</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


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<div style="font-family:Times New Roman;">

<p style="font-weight:bold;line-height:16.0pt;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Innovative
Solutions and Support,&nbsp;Inc.<a name="InnovativeSolutionsAndSupportinc__023826"></a><br>
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
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  <td width="33" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.8pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
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  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ReportOfIndependentRegisteredPubl_084750">Report of Independent
  Registered Public Accounting Firm</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InnovativeSolutionsAndSupportInc__024208">Consolidated Balance Sheets</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InnovativeSolutionsAndSupportInc__084837">Consolidated Statements of
  Operations</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#InnovativeSolutionsAndSupportInc__084900">Consolidated Statements of
  Shareholders&#146; Equity</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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  Cash Flows</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.8pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="557" valign="top" style="padding:0pt .7pt 0pt 0pt;width:417.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#a1_Background_094341">Notes to Consolidated Financial Statements</a></font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.8pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34-46</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">28</font></p>
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<p style="margin:0pt 0pt 6.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<a name="ReportOfIndependentRegisteredPubl_084750"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Board of Directors and Shareholders of<br>
Innovative Solutions and Support,&nbsp;Inc.<br>
Exton, Pennsylvania</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have audited the accompanying consolidated balance
sheets of Innovative Solutions and Support,&nbsp;Inc. and subsidiaries (the &#147;Company&#148;)
as of September&nbsp;30, 2006 and 2005, and the related consolidated statements
of operations, cash flows, and shareholders&#146; equity for each of the three years
in the period ended September&nbsp;30, 2006. These consolidated financial
statements are the responsibility of the Company&#146;s management. Our
responsibility is to express an opinion on these consolidated financial
statements based on our audits.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In our opinion, such consolidated financial statements
present fairly, in all material respects, the financial position of the Company
as of September&nbsp;30, 2006 and 2005, and the results of its operations and
its cash flows for each of the three years in the period ended September&nbsp;30,
2006 in conformity with accounting principles generally accepted in the United
States of America.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the effectiveness of the Company&#146;s
internal control over financial reporting as of September&nbsp;30, 2006, based
on the criteria established in <i>Internal Control&#151;Integrated
Framework</i> issued by the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated December&nbsp;7, 2006 expressed an
unqualified opinion on management&#146;s assessment of the effectiveness of the
Company&#146;s internal control over financial reporting and an unqualified opinion
on the effectiveness of the Company&#146;s internal control over financial
reporting.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="194" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:145.2pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->/s/ DELOITTE&nbsp;&amp; TOUCHE LLP</p>
  </td>
  <td width="414" valign="top" style="padding:0pt .7pt 0pt 0pt;width:310.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="608" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">P</font>hiladelphia, Pennsylvania</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="608" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7,
  2006</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">29</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-weight:bold;line-height:16.0pt;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNOVATIVE
SOLUTIONS AND SUPPORT, INC.<a name="InnovativeSolutionsAndSupportInc__024208"></a><br>
CONSOLIDATED BALANCE SHEETS</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="91" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;of</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="91" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:68.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;of</font></b></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="91" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:68.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,&nbsp;2006</font></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="91" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:68.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,&nbsp;2005</font></b></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;font-weight:bold;">ASSETS</font></i></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current Assets:</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Cash and cash equivalents</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">62,984,829</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">83,172,582</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Accounts receivable, less allowance for doubtful
  accounts of $100,000 at September&nbsp;30, 2006 and 2005</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,333,131</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5,479,936</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Inventories</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">6,466,156</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,911,626</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred income taxes</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,082,931</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">956,070</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Prepaid expenses and other current assets</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,065,696</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,028,498</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total current assets</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">77,932,743</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">97,548,712</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Property and
  Equipment:</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Computers and test equipment</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,592,410</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,278,748</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Corporate airplane</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,027,502</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2,998,161</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Furniture and office equipment</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">748,827</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">734,038</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Manufacturing facility</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5,426,761</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">5,420,741</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Land</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,021,245</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1,021,245</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">14,816,745</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">14,452,933</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Less&#151;Accumulated depreciation and amortization</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5,846,272</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(5,091,881</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Net property and equipment</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">8,970,473</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">9,361,052</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deposits and other assets</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">329,664</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">125,114</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;page-break-after:avoid;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total assets</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">87,232,880</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">107,034,878</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-align:center;text-indent:-10.0pt;"><b><i><font size="1" face="Times New Roman" style="font-size:8.0pt;font-style:italic;font-weight:bold;">LIABILITIES AND SHAREHOLDERS&#146;
  EQUITY</font></i></b></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">CURRENT
  LIABILITIES:</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current portion of notes payable</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:40.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">100,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">100,000</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Current portion of capitalized lease obligations</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7,891</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">7,257</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Accounts payable</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">358,818</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">305,516</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Accrued expenses</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,122,542</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">3,503,814</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred revenue</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">591,626</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">176,650</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total current liabilities</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,180,877</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,093,237</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Note payable</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,235,000</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,235,000</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Long-term portion of capitalized lease obligations</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">4,587</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">13,113</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred revenue</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">120,991</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">191,463</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Deferred income taxes</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">490,072</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">635,967</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Commitments and contingencies</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Shareholders&#146;
  Equity:</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Preferred stock, 10,000,000 shares authorized,
  $.001par value, of which 200,000 shares are authorized as Class&nbsp;A
  Convertible stock. No shares issued and outstanding at September&nbsp;30,
  2006 and 2005.</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Common stock, $.001 par value: 75,000,000 shares
  authorized, 18,088,121 and 18,047,425 shares issued and outstanding at
  September&nbsp;30, 2006 and 2005</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">18,088</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">18,047</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Additional paid-in capital</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">43,230,352</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">41,926,318</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Retained earnings</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">53,039,341</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">55,921,733</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Treasury stock, at cost, 1,272,510 and 0 shares at
  September&nbsp;30, 2006 and 2005</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">(18,086,428</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">)</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&#151;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total shareholders&#146; equity</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.6pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">78,201,353</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">97,866,098</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="400" valign="top" style="padding:0pt .7pt 0pt 0pt;width:300.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 8.0pt;text-indent:-8.0pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total liabilities
  and shareholders&#146; equity</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="54" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:40.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">87,232,880</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:4.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">107,034,878</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.45pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying notes are an integral part of these statements.</font></p> <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">30</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-weight:bold;line-height:16.0pt;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNOVATIVE SOLUTIONS AND SUPPORT, INC.<a name="InnovativeSolutionsAndSupportInc__084837"></a><br>
CONSOLIDATED STATEMENTS OF OPERATIONS</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="233" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:174.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">For&nbsp;the&nbsp;Fiscal&nbsp;Year&nbsp;Ended&nbsp;September&nbsp;30,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net sales</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,721,967</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63,264,359</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46,099,777</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of sales</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,631,761</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20,888,729</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,663,108</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross profit</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,090,206</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42,375,630</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30,436,669</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating expenses:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research and development</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,749,426</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,057,889</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,811,156</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling, general and administrative</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,863,758</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,898,622</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,567,959</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,613,184</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14,956,511</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,379,115</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating income
  (loss)</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8,522,978</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27,419,119</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,057,554</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest income</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,280,179</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,939,397</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">532,745</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest expense</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(188,193</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(175,151</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(128,018</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income (loss) before income taxes</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5,430,992</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29,183,365</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,462,281</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes
  (benefit)</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,548,600</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,598,563</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,530,084</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income (loss)</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,882,392</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 1.125pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,584,802</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,932,197</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net Income (loss) per
  common share:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.17</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 1.125pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.04</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.69</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.17</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 1.125pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.02</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.67</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Weighted average
  shares outstanding:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,388,524</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,873,780</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,400,380</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="354" valign="top" style="padding:0pt .7pt 0pt 0pt;width:265.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,388,524</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,259,856</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,928,180</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying notes are an integral part of these statements.</font></p> <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">31</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-weight:bold;line-height:16.0pt;margin:0in 0in 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNOVATIVE SOLUTIONS AND SUPPORT, INC.<a name="InnovativeSolutionsAndSupportInc__084900"></a><br>
CONSOLIDATED STATEMENTS OF SHAREHOLDERS&#146; EQUITY</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="bottom" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Common<br>
  Stock</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Additional<br>
  Paid-in<br>
  Capital</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Retained<br>
  Earnings</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Treasury<br>
  Stock</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Total</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Balance,
  September&nbsp;30, 2003</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,081</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0in .7pt 0in 0in;width:50.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46,248,224</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,410,743</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0in .7pt 0in 0in;width:50.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,613,757</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0in .7pt 0in 0in;width:50.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61,058,291</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:4.0pt 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercise of options to purchase common stock</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">133 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,553,662 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151; </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151; </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,553,795 </font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercise of
  warrants to purchase common stock</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">281 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">614,317 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151; </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">614,598 </font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuance of stock
  to directors</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">296,086</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">296,106</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,932,197</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,932,197</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:4.0pt 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Balance, September&nbsp;30, 2004</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,515</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,712,289</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37,342,940</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,613,757</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75,454,987</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:4.0pt 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercise of options to purchase common stock</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">201 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,562,132 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151; </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,562,333 </font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of stock
  split (3 -for-2)</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,009</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6,009</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuance of stock
  to directors</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">263,964</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">263,976</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retirement of
  treasury stock</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,690</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10,612,067</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,613,757</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,584,802</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,584,802</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:4.0pt 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Balance, September&nbsp;30, 2005</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,047</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41,926,318</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55,921,733</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">97,866,098</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:4.0pt 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercise of options to purchase common stock</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">408,779 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:4.0pt 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">408,804 </font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share-based
  compensation</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">655,351</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">655,351</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuance of stock
  to directors</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">239,904</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">239,920</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase of
  treasury stock</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18,086,428</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18,086,428</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:0in 0in .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net loss</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:34.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:51.5pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,882,392</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0.375pt 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:55.35pt;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,882,392</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0.375pt 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="217" valign="top" style="padding:0in .7pt 0in 0in;width:162.55pt;">
  <p style="margin:4.0pt 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Balance,
  September&nbsp;30, 2006</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0in .7pt 0in 0in;width:6.0pt;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:29.0pt;">
  <p style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,088</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:50.35pt;">
  <p style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43,230,352</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:46.5pt;">
  <p style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,039,341</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.0pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:50.35pt;">
  <p style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18,086,428</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0in .7pt 2.25pt 0in;width:8.0pt;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:50.35pt;">
  <p style="margin:4.0pt 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">78,201,353</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0in .7pt 0in 0in;width:4.65pt;">
  <p style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0in 0in 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying notes are an integral part of these statements.</font></p> <p style="font-size:10.0pt;margin:24.0pt 0in .0001pt;text-align:center;"><font face="Times New Roman">32</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-weight:bold;line-height:16.0pt;margin:0pt 0pt 24.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNOVATIVE SOLUTIONS AND SUPPORT, INC.<a name="InnovativeSolutionsAndSupportInc__084924"></a><br>
CONSOLIDATED STATEMENTS OF CASH FLOWS</font></b></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="232" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:174.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">For&nbsp;the&nbsp;Fiscal&nbsp;Year&nbsp;Ended&nbsp;September&nbsp;30,</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CASH FLOWS FROM OPERATING ACTIVITIES:</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income (loss)</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,882,392</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,584,802</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,932,197</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adjustments to reconcile net income to net cash provided
  by&nbsp;(used in) operating activities:</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation and
  amortization</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">858,641</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">797,990</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">729,993</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock-based compensation
  expense</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">655,351</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation expense for
  stock issued to directors</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">239,920</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">263,976</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">296,106</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loss on disposal of
  fixed assets</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22,066</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,253</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,660</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excess and obsolete
  inventory expense</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38,861</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32,697</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(118,298</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disposal of obsolete
  inventory</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,522</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">163,856</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred income taxes</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(272,756</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">252,151</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83,680</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax benefit from
  exercise of stock options</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">219,509</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,716,659</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">381,469</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excess tax benefits from
  share-based payments arrangements</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(44,504</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Increase) decrease in:</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts receivable</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,146,805</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(476,836</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,952,107</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,593,391</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,223,783</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,396,538</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prepaid expenses and
  other current assets</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(35,348</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,363,222</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(55,966</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Increase (decrease) in:</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accounts payable</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,302</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,390,731</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,117,941</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued expenses</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(381,272</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,250,827</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,647,350</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 40.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred revenue</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">344,504</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(419,844</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">357,514</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash provided by
  (used in) operating activities</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,630,704</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,995,373</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,093,071</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CASH FLOWS FROM INVESTING ACTIVITIES:</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases of property
  and equipment</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(456,528</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(528,064</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(791,393</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchases of other
  assets</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(240,000</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash used in
  investing activities</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(696,528</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(528,064</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(791,393</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CASH FLOWS FROM FINANCING ACTIVITIES:</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proceeds from exercise
  of stock options</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">189,295</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,845,674</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,127,991</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proceeds from exercise
  of warrants</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">658,934</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purchase of treasury
  stock</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(18,086,428</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Repayment of capitalized
  lease obligations</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,892</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7,568</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11,180</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excess tax benefits from
  share-based payments arrangements</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44,504</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 50.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net cash provided by
  (used in) financing activities</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(17,860,521</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,838,106</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,775,745</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net increase (decrease)
  in cash and cash equivalents</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(20,187,753</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,305,415</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,077,423</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash
  equivalents, beginning of year</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83,172,582</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65,867,167</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48,789,744</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and cash
  equivalents, end of year</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62,984,829</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83,172,582</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65,867,167</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="74" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:55.35pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash paid for interest</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">147,332</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102,192</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53,711</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash paid for income
  taxes</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">457,672</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,600,619</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,991,777</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="360" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.1pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash received from income tax refund</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="67" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3,278,844</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 2.25pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.7pt;">
  <p style="line-height:11.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accompanying notes are an integral part of these statements.</font></p> <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">33</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Background:<a name="a1_Background_094341"></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Innovative Solutions and Support,&nbsp;Inc., (the &#147;Company&#148;),
was incorporated in Pennsylvania on February&nbsp;12, 1988. The Company&#146;s
primary business is the design, manufacture and sale of flight information
computers, large flat panel displays and advanced monitoring systems to the
Department of Defense (DoD), defense contractors, commercial air transport and
corporate/general aviation markets.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;13, 2005, the
Company&#146;s Board of Directors approved a three-for-two split of the Company&#146;s
common stock. The stock split was in the form of a fifty percent (50%) stock
dividend that was paid on July&nbsp;7, 2005 to shareholders of record on June&nbsp;23,
2005. The issued and outstanding common stock and all share and per share
amounts (except par value) have been retroactively restated in this report to
give effect to this three-for-two stock split. A transfer from Retained
Earnings to Common Stock of $6,009 was required as a result of no change to par
value.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Concentrations:</p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Major Customers and
Products</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In fiscal 2006, 2005 and 2004 the Company derived 47%,
47% and 46% of net sales from five customers, although not all the same
customers in each year. The accounts receivable related to the Company&#146;s top
five customers was $1.8 million, $.4 million and $1.0 million for fiscal 2006,
2005 and 2004 respectively.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company recorded sales with the DOD that amounted
to 17% of total sales for fiscal year 2006.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, sales of air
data systems and components were 62%, 94% and 97% of total sales for the years
ended September&nbsp;30, 2006, 2005 and 2004, respectively. Flat Panel sales
were 38%, 6% and 2% of net sales in the years ended September&nbsp;30, 2006,
2005 and 2004 respectively. Sales to government contractors and agencies
accounted for approximately 51%, 20% and 7% respectively, of the Company&#146;s net
sales during fiscal 2006, 2005 and 2004.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Major Suppliers</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company currently buys
several of its components from sole source suppliers. Although there are a
limited number of manufacturers of the particular components, management
believes that other suppliers could provide similar components on comparable
terms.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Concentration of
Credit Risk</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial instruments that potentially subject the
Company to concentration of credit risk consist principally of cash balances and
accounts receivable. The Company invests its excess cash where preservation of
principal is the major consideration. The Company&#146;s customer base principally
consists of companies within the aviation industry. The Company routinely
requests advance payments and/or letters of credit from new customers.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company also maintains
a reserve for doubtful accounts in the amount of $100,000 and had accounts
receivable write-offs of $0, $2,500 and $0 in fiscal 2006, 2005, and 2004
respectively.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Summary
Of Significant Accounting Policies:</p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principles of
Consolidation</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consolidated financial
statements include the accounts of the Company and its subsidiaries. All
material inter-company balances and transactions were eliminated.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Use of Estimates</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preparation of consolidated
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates
and assumptions that affect reported amounts of assets and liabilities, and
disclosure of contingent assets and liabilities, as of the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ materially from those
estimates.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and Cash
Equivalents</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Highly liquid investments
purchased with an original maturity of three months or less are classified as
cash equivalents. Cash equivalents at September&nbsp;30, 2006 and 2005 consist
of funds invested in money market accounts with financial institutions.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories</font></i></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Inventories
are stated at the lower of cost (first-in, first-out) or market and consist of
the following:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="397" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:297.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="140" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:105.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="397" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:297.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="397" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Raw materials</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,006,088</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,696,050</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="397" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Work-in-process</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,237,489</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,151,828</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="397" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finished goods</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,222,579</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,063,748</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="397" valign="top" style="padding:0pt .7pt 0pt 0pt;width:297.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,466,156</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,911,626</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Property and
Equipment</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Property and equipment are
stated at cost. Depreciation is provided using an accelerated method over the
estimated useful lives of the assets (the lesser of three to seven years or
over the lease term), except for the airplane and manufacturing facility, which
are depreciated over a straight-line method. Major additions and improvements
are capitalized, while maintenance and repairs that do not improve or extend
the life of assets are charged to expense as incurred. Depreciation expense was
$825,041, $785,990 and $717,993 for the fiscal years ended 2006, 2005 and 2004.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Long-Lived Assets</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company assesses the
impairment of long-lived assets in accordance with SFAS No.&nbsp;144, <i>Accounting for the Impairment or Disposal of Long-Lived Assets</i>.
This statement requires that long-lived assets be reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable. Also, in general, long-lived assets to be
disposed of should be reported at the lower of the carrying amount or fair
value less cost to sell. The Company considers historical performance and
future estimated results in its evaluation of potential impairment and then
compares the carrying amount of the asset to the estimated future cash flows
expected to result from the use of the asset. If the carrying amount of the
asset exceeds the estimated expected undiscounted future cash flows, the
Company measures the amount of the impairment by comparing the carrying amount
of the asset to its fair value. The estimation of fair value is generally
measured by discounting expected future cash flows. No impairment charges were
recorded in fiscal 2006, 2005, and 2004, respectively.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Revenue Recognition</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company recognizes sales of products when the
following revenue recognition criteria are met: persuasive evidence of an
arrangement exists, product delivery and acceptance has occurred, pricing is </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">35</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">fixed or determinable, and
collection is reasonably assured. The Company essentially recognizes sales upon
shipment of products to customers.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sales related to certain long-term contracts requiring
development and delivery of products over several accounting periods are
accounted for under the American Institute of Certified Public Accountants
(AICPA) Statement of Position (SOP) 81-1, <i>Accounting for Performance of Construction-Type and Certain
Production-Type Contracts</i> and the amounts are not significant for
fiscal years 2006, 2005 and 2004.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company offers its customers extended warranties
for additional fees. These warranty sales are recorded as deferred revenue and
recognized as sales on a straight-line basis over the warranty period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company enters into
certain sales arrangements that include multiple deliverables as defined in
Emerging Issues Task Force (EITF) Issue No.&nbsp;00-21, <i>Accounting for Revenue Arrangements with Multiple
Deliverables. </i>Effective July&nbsp;1, 2003, the Company identifies
all goods and/or services that are to be delivered separately under a sales
arrangement and allocates revenue to each deliverable based on fair value that
is established using vendor-specific objective evidence. In general, revenues
are separated between product sales and non-recurring engineering services. The
allocated revenue for each deliverable is then recognized using appropriate
revenue recognition methods.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated cost to repair
or replace products under warranty is provided when sales of product are
recorded.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income Taxes</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes are recorded
in accordance with SFAS No.&nbsp;109, &#147;Accounting for Income Taxes&#148; (see Note
7).</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research and
Development</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research and development
charges incurred for product enhancements and future product development are
recorded as expense as incurred.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comprehensive
Income</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to SFAS No.&nbsp;130,
&#147;Reporting Comprehensive Income,&#148; the Company would be required to classify
items of other comprehensive income by their nature in a financial statement
and display the accumulated balance of other comprehensive income separately
from retained earnings and additional paid-in capital in the equity section of
a statement of financial position. Comprehensive income consists of net income
and there were no items of other comprehensive income for any of the periods
presented.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fair Value of Financial
Instruments</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The estimated fair value
amounts presented in these consolidated financial statements were determined by
the Company using available market information and appropriate methodologies.
The Company&#146;s financial instruments consist primarily of cash and cash
equivalents, accounts receivable, accounts payable, accrued liabilities and
debt instruments. The carrying values of these assets and liabilities are
considered to be representative of the respective fair values based on
pertinent information available to management as of September&nbsp;30, 2006 and
2005.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">36</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock-Based
Compensation</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;16, 2004, the FASB finalized SFAS No.&nbsp;123(R)&nbsp;Share-Based
Payment (SFAS 123(R)). SFAS 123(R)&nbsp;amends SFAS 123 and supersedes APB 25.
SFAS 123(R)&nbsp;requires that the cost of share-based payment transactions
(including those with employees and non-employee directors) be recognized in
the financial statements. SFAS 123(R)&nbsp;applies to all share-based payment
transactions in which an entity acquires goods or services by issuing (or
offering to issue) its shares, share options, or other equity instruments
(except for those held by an Employee Stock Option Plan (ESOP)) or by incurring
liabilities (1)&nbsp;in amounts based (even in part) on the price of the entity&#146;s
shares or other equity instruments, or (2)&nbsp;that require (or may require)
settlement by the issuance of an entity&#146;s shares or other equity instruments.
This statement was effective as of the first annual reporting period beginning
after June&nbsp;15, 2005, which is the Company&#146;s fiscal year beginning October&nbsp;1,
2005.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective October&nbsp;1, 2005 the Company adopted the
provisions of SFAS 123(R), using the modified prospective approach and now
accounts for share-based compensation applying the fair value method for
expensing stock options. Accordingly, the adoption of SFAS 123R&#146;s fair value
method resulted in compensation costs under the Company&#146;s 1998 Stock Option
Plan. The compensation cost that was charged against income as a result of
adoption of SFAS 123(R)&nbsp;for the plan was $655,351 for the fiscal year
ended September&nbsp;30, 2006. The total income tax benefit recognized in the
statement of operations for share-based compensation arrangements was $307,360
for the fiscal year ended September&nbsp;30, 2006.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Share-based compensation costs prior to October&nbsp;1,
2005 were recognized using the intrinsic value method in accordance with
Accounting Principles Board Opinion (&#147;APB&#148;) No.&nbsp;25, &#147;Accounting for Stock
Issued to Employees.&#148; For disclosure purposes, pro forma net income and net
income per share data were provided in accordance with SFAS No.&nbsp;123, &#147;Accounting
for Stock-Based Compensation,&#148; as if the fair value method had been applied.
Under SFAS No.&nbsp;123, compensation cost related to stock options granted to
employees is computed based on the fair value of the stock option at the date
of grant using the Black-Scholes option pricing model. Had the Company
recognized compensation cost for its stock option plans consistent with the
provisions of SFAS 123, the Company&#146;s pro forma net income for the periods
ended September&nbsp;30, 2005 and 2004 would have been as follows:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="153" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:115.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="324" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income as
  reported</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,584,802</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,932,197</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deduct fair
  market value expense:</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employee stock options(1)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(814,736</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(745,329</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pro forma net
  income (loss)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,770,066</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,186,868</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic earnings
  per share</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As reported</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.04</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.69</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pro forma</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.99</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.64</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted earnings
  per share :</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As reported</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.02</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.67</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="324" valign="top" style="padding:0pt .7pt 0pt 0pt;width:243.0pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pro forma</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.97</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.63</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Amounts represent
compensation expense if it had been determined under the fair market value based method, net of related
tax effect.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">37</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">

<div>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">New Accounting
Pronouncements</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2006, the Financial Accounting
Standars Borad (FASB) issued Statement of Financial Accounting Standards (SFAS)
No.&nbsp;157, <i>Fair Value Measurements</i> (&#147;SFAS
157&#148;). SFAS 157 defines fair value, establishes a framework for measuring fair
value in generally accepted accounting principles, and expands disclosures
about fair value measurements. This statement does not require any new fair
value measurements; however, the application of this Statement may change
current practice for some entities. SFAS 157 is effective for fiscal years
beginning after November&nbsp;15, 2007. The Company is currently evaluating the
impact of this pronouncement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In September&nbsp;2006, the Securities and Exchange
Commission issued Staff Accounting Bulletin 108, &#147;<i>Considering
the Effects of Prior Year Misstatements when Quantifying Misstatements in
Current Year Financial Statements</i>&#148; (&#147;SAB 108&#148;). &#160;SAB 108 provides guidance on how prior year
misstatements should be taken into consideration when quantifying misstatements
in current year financial statements for purposes of determining whether the
current year&#146;s financial statements are materially misstated. SAB 108 is
effective for the first fiscal year ending after November&nbsp;15, 2006. The
Company is in the process of evaluating the impact of the adoption of this
interpretation and does not believe that the adoption of the SAB 108 will have
a material impact on the Company&#146;s financial position or results of operations.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In July&nbsp;2006, the FASB issued FASB Interpretation
48, <i>&#147;Accounting for Uncertainty in Income Taxes&#151;an
interpretation of FASB Statement No.&nbsp;109&#148; (&#147;FIN 48&#148;)</i>. FIN 48
clarifies the accounting for uncertainty in income taxes recognized in an
enterprise&#146;s financial statements in accordance with FASB Statement No.&nbsp;109,
&#147;Accounting for Income Taxes&#148;. This Interpretation prescribes a recognition
threshold and measurement attribute for the financial statement recognition and
measurement of a tax position taken or expected to be taken in a tax return. This
Interpretation also provides guidance on derecognition, classification,
interest and penalties, accounting in interim periods, disclosure, and
transition. FIN 48 is effective for fiscal years beginning after December&nbsp;15,
2006. The Company is currently evaluating the impact of this pronouncement.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In May&nbsp;2005, the FASB issued SFAS No.&nbsp;154, &#147;Accounting
Changes and Error Corrections&#151;a replacement of APB Opinion No.&nbsp;20 and FASB
Statement No.&nbsp;3.&#148;&#160;&#160; SFAS No.&nbsp;154
requires retrospective application to prior periods&#146; financial statements of
changes in accounting principle, unless it is impracticable to determine either
the period-specific effects or the cumulative effect of the change. SFAS No.&nbsp;154
also requires that retrospective application of a change in accounting principle
be limited to the direct effects of the change. Indirect effects of a change in
accounting principles, such as a change in nondiscretionary profit-sharing
payments resulting from an accounting change, should be recognized in the
period of the accounting change. SFAS No.&nbsp;154 also requires that a change
in depreciation, amortization, or depletion method for long-lived,
non-financial assets be accounted for as a change in accounting estimate
effected by a change in accounting principle. SFAS No.&nbsp;154 is effective
for accounting changes and corrections of errors made in fiscal years beginning
after December&nbsp;15, 2005. Early adoption is permitted for accounting
changes and corrections of errors made in fiscal years beginning after the date
this Statement is issued. The Company will adopt the provisions of SFAS No.&nbsp;154
as applicable beginning in fiscal 2007.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In December&nbsp;2004, the FASB issued FASB Staff
Position (FSP) FAS 109-1, &#147;Application of FASB Statement No.&nbsp;109,
Accounting for Income Taxes, to the Tax Deduction on Qualified Production
Activities Provided by the American Jobs Creation Act of 2004.&#148;. This FSP
provides guidance on the application of Statement 109 to the provisions within
the American Jobs Creation Act of 2005 (the Act), which provides tax relief to
U.S. domestic manufacturers. The FSP states that a manufacturer&#146;s deduction
provided for under the Act should be accounted for as a special deduction in
accordance with Statement 109 and not as a tax rate reduction. The FSP also
reminds preparers that the special deduction should be considered by an
enterprise in (a)&nbsp;measuring deferred taxes when the enterprise is
subjected to graduated tax rates, and </font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">38</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 6.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;assessing whether
a valuation allowance is necessary as required by Statement 109. This statement
is effective immediately. The Company adopted this statement during fiscal year
2005 and it did not have a material impact on the Company&#146;s financial position
or results of operations.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In November&nbsp;2004, the
FASB issued SFAS 151, &#147;Inventory Costs.&#148; This Statement amends the guidance in
ARB No.&nbsp;43, Chapter 4 &#147;Inventory Pricing,&#148; to clarify the accounting for
abnormal amounts of idle facility expense, freight, handling costs, and wasted
material (spoilage). Paragraph 5 of ARB 43, Chapter 4 previously stated that &#147;&#133;
under some circumstances, items such as idle facility expense, excessive
spoilage, double freight, and rehandling costs may be so abnormal as to require
treatment as current period charges&#133;&#148;. This Statement requires that those items
be recognized as current-period charges regardless of whether they meet the
criterion of &#147;so abnormal.&#148; In addition, this Statement requires that
allocation of fixed production overheads to the costs of conversion be based on
the normal capacity of the production facilities. This statement is effective
for inventory costs incurred during fiscal years beginning after June&nbsp;15,
2005. The Company adopted this statement on October&nbsp;1, 2005 and it did not
have a material impact on the Company&#146;s financial position or results of operations.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Net
Income Per Share:</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income per share is calculated pursuant to SFAS No.&nbsp;128,
&#147;Earnings per Share&#148; (EPS). Basic EPS excludes potentially dilutive securities
and is computed by dividing net income by the weighted-average number of Common
shares outstanding for the period. Diluted EPS is computed assuming the
conversion or exercise of all dilutive securities such as preferred stock,
options and warrants.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under
SFAS No.&nbsp;128, the Company&#146;s granting of certain stock options, warrants
and convertible preferred stock resulted in potential dilution of basic EPS.
The following table summarizes the differences between basic weighted-average
shares outstanding and diluted weighted-average shares outstanding used to
compute diluted EPS.</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="327" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:245.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="213" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:159.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">For&nbsp;the&nbsp;Fiscal&nbsp;Year&nbsp;Ended&nbsp;September&nbsp;30,</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="327" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:245.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="327" valign="top" style="padding:0pt .7pt 0pt 0pt;width:245.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Weighted average
  number of shares-basic</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,388,524</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,873,780</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,400,380</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="327" valign="top" style="padding:0pt .7pt 0pt 0pt;width:245.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of
  dilutive securities:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="327" valign="top" style="padding:0pt .7pt 0pt 0pt;width:245.6pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Options</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">386,076</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">417,764</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="327" valign="top" style="padding:0pt .7pt 0pt 0pt;width:245.6pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warrants</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">110,036</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="327" valign="top" style="padding:0pt .7pt 0pt 0pt;width:245.6pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Weighted average number
  of shares-diluted</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,388,524</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,259,856</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,928,180</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The number of incremental
shares from the assumed exercise of stock options and warrants is calculated by
using the treasury stock method. For the fiscal years ended September&nbsp;30,
2006, 2005 and 2004, there were 462,281, 50,500 and 12,587 options outstanding,
respectively, that were excluded from the computation of diluted earnings per
share as the effect would be anti-dilutive.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">39</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Accrued
Expenses:</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued
expenses consist of the following:</font></p>

<div align="center" style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="403" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableCenter --></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="137" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:103.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="403" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="403" valign="top" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Salary, benefits
  and payroll taxes</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">471,576</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">881,602</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="403" valign="top" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">617,116</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">770,845</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="403" valign="top" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income taxes
  payable</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">622,295</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,051,963</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="403" valign="top" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Professional fees</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">970,597</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">361,250</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="403" valign="top" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">440,958</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">438,154</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="403" valign="top" style="padding:0pt .7pt 0pt 0pt;width:302.3pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,122,542</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,503,814</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Warranty:</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company provides for the estimated cost of product warranties at the time
revenue is recognized. Warranty cost is recorded as cost of sales in the
financial statements. While the Company engages in extensive product quality
programs and processes, the Company&#146;s warranty obligation is affected by
product failure rates and the related material, labor and delivery costs
incurred in correcting a product failure. Should actual product failure rates,
material or labor costs differ from the Company&#146;s estimates, revisions to the
estimated warranty liability would be required.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty
cost and accrual information for the fiscal period ended September 30, 2006 is
highlighted below:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty accrual
  at September&nbsp;30, 2005</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">770,845</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued expense
  for the year ended September&nbsp;30, 2006</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65,709</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty costs
  for the year ended September&nbsp;30, 2006</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(219,438</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty accrual
  at September&nbsp;30, 2006</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">617,116</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty
cost and accrual information for the fiscal period ended September&nbsp;30,
2005 is highlighted below:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty accrual
  at September&nbsp;30, 2004</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">757,476</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accrued expense
  for the year ended September&nbsp;30, 2005</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">186,558</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty costs
  for the year ended September&nbsp;30, 2005</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="57" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:42.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(173,189</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="477" valign="top" style="padding:0pt .7pt 0pt 0pt;width:357.65pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Warranty accrual
  at September&nbsp;30, 2005</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="50" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">770,845</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Income
Taxes:</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company accounts for income taxes under SFAS No.&nbsp;109,
which generally provides that deferred tax assets and liabilities be recognized
for temporary differences between the financial reporting basis and the tax
basis of the Company&#146;s assets and liabilities and expected benefits of
utilizing net operating loss (NOL) carryforwards. The impact on deferred taxes
of changes in tax rates and laws, if any, applied to the years during which
temporary differences are expected to be settled are reflected in the financial
statements in the period of enactment.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">40</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='40',FILE='C:\Fc\333125816518_P66534CHE_1525634\24700-1-fo.htm',USER='jmsproofassembler',CD='Nov 29 12:59 2006' -->
<br clear="all" style="page-break-before:always;">


<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Components
of income taxes are as follows: </font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="311" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="224" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:168.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">For&nbsp;the&nbsp;Fiscal&nbsp;Year&nbsp;Ended&nbsp;September&nbsp;30,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="311" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2004</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Current provision
  (benefit):</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,943,991</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,592,641</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,155,438</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">753,772</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">601,943</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,943,991</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,346,413</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,757,381</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred provision (benefit):</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(158,789</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102,434</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(195,414</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(445,820</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">149,716</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(31,883</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(604,609</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">252,150</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(227,297</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="311" valign="top" style="padding:0pt .7pt 0pt 0pt;width:233.05pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,548,600</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 2.25pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,598,563</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,530,084</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Following
is a reconciliation of the statutory federal rate to the Company&#146;s effective
income tax rate:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="335" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:251.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="193" colspan="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:144.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">For&nbsp;the&nbsp;Fiscal&nbsp;Year&nbsp;Ended&nbsp;September&nbsp;30,</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="335" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:251.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="55" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="335" valign="top" style="padding:0pt .7pt 0pt 0pt;width:251.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal statutory
  tax rate</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.0</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.0</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.0</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="335" valign="top" style="padding:0pt .7pt 0pt 0pt;width:251.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State income
  taxes, net of federal benefit</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.9</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="335" valign="top" style="padding:0pt .7pt 0pt 0pt;width:251.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research and
  development tax credits</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.5</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-1.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="335" valign="top" style="padding:0pt .7pt 0pt 0pt;width:251.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0.2</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-0.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="335" valign="top" style="padding:0pt .7pt 0pt 0pt;width:251.3pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46.9</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0pt .7pt 2.25pt 0pt;width:11.25pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36.3</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 2.25pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:26.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 2.25pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The deferred
tax effect of temporary differences giving rise to the Company&#146;s deferred tax
assets and liabilities consists of the components below. </font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="346" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="137" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:103.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="346" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2005</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred tax assets:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred revenue</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72,312</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102,372</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reserves and accruals</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">714,052</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">949,295</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOL carryforwards</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">296,567</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock options</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">238,597</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,321,528</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,051,667</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deferred tax
  liabilities:</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depreciation</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(728,669</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(731,564</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(728,669</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(731,564</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="346" valign="top" style="padding:0pt .7pt 0pt 0pt;width:259.2pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">592,859</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">320,103</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the year ending September&nbsp;30, 2006, the
Company generated a federal net operating loss (NOLs) of approximately $5.6
million and a credit of approximately $25,000. The NOL and credit can be
carried-back to previous tax years and the Company will receive a refund of its
previously paid federal income tax in the approximate amount of $2.0 million.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Company
generated state NOL&#146;s in the amount of approximztely $10.7 million. These state
NOL&#146;s can only be carried-forward resulting in a deferred tax asset of
approximately $456,000, before the federal effect. These NOL&#146;s will expire in
2026 if unused. In the opinion of management, the Company expects to be able to
utilize these state NOL&#146;s and as a result no valuation allowance has been
provided.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">41</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notes
Payable:</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company entered into a $4,335,000 loan agreement dated August&nbsp;1, 2000 with
the Chester County, Pennsylvania Industrial Development Authority. The purpose
of the loan was to fund the construction of the Company&#146;s new office and
manufacturing facility. The loan matures in 2015 and carries an interest rate
set by the remarketing agent that is consistent with 30-day tax-exempt
commercial paper. The future maturities of this note payable are as follows as
of September&nbsp;30, 2006:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="423" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.9pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2007&#151;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="423" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.9pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2008&#151;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">150,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="423" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.9pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2009&#151;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="423" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.9pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2010&#151;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="423" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.9pt;">
  <p style="margin:0pt 0pt .0001pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2011&#151;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">250,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="423" valign="top" style="padding:0pt .7pt 0pt 0pt;width:316.9pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thereafter&#151;</font></p>
  </td>
  <td width="13" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,385,000</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:normal;margin:6.0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The loan agreement requires the Company to maintain
certain financial covenants including a ratio of liabilities to earnings before
interest, taxes and depreciation and amortization (EBITDA), fixed charge ratio
and a minimum tangible net worth. The Company was in compliance with the
covenants contained in&#160; the loan
agreement as of September&nbsp;30, 2005.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company was in violation of the financial covenants
contained in the loan agreement as of June&nbsp;30, 2006. The defaults were
subsequently waived and an amendment to the agreement was entered into with the
lender whereby the existing covenants were suspended through the fiscal quarter
ending on June&nbsp;30, 2007.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The interest cost related
to this debt for fiscal years 2006 and 2005 was $147,000 and $100,000
respectively. The interest rate on this debt was 3.86% at September&nbsp;30,
2006. The Company is also required to maintain a letter of credit in the amount
of $5,000,000 covering the debt.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Savings
Plan:</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company sponsors a
voluntary defined contribution savings plan covering all employees. The Company
does not contribute to the plan.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders&#146;
Equity:</p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company issued 15,396,
15,828 and 30,855 shares of Common stock to non-employee directors, with fair
values of $239,920, $263,964 and $296,086 for the years ended September&nbsp;30,
2006, 2005 and 2004, respectively. The fair value of the Common Stock was
charged to selling, general and administrative expense in the accompanying
consolidated statements of operations. The Company accrued $49,944 at September&nbsp;30,
2006 for director shares earned during the year but not issued until after
year-end.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stock Options</font></i></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s 1998 Stock Option Plan (the &#147;Plan&#148;)
provides for the granting of incentive and nonqualified stock options to
employees, officers, directors and independent contractors and consultants.
Through September&nbsp;30, 2006, no stock options were granted to independent
contractors or consultants under this plan.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">42</font></p>
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<div>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incentive stock options granted under the Plan have
exercise prices that must be at least equal to the fair value of the common
stock on the date of grant. Nonqualified stock options granted under the Plan
have exercise prices that may be less than, equal to or greater than the fair
value of the common stock on the date of grant. The number of shares of common
stock the Company has reserved for awards under the Plan was increased, by
shareholder vote at the March&nbsp;31, 2005 Annual Meeting of Shareholders, from
1,889,025 to 3,389,025 shares. As of September&nbsp;30, 2006 there were
1,613,419 shares remaining and available for grant.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
summary of the Plan activity for the fiscal years ended September&nbsp;30,
2006, 2005 and 2004, is as follows: </font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" bgcolor="white" style="background:white;border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="95" colspan="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Range&nbsp;of</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="95" colspan="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exercise</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Average</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Aggregate</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="95" colspan="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:71.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exercise</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Intrinsic</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Options</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="95" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:71.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Prices</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Price</font></b></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Value</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding at
  September&nbsp;30, 2003</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">899,318</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.46 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.90</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.85</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Granted</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">190,500</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.41 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.21</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.72</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercised</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(200,108</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.83 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.64</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.86</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cancelled</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(49,023</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.21 </font></p>
  </td>
  <td width="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.13</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.61</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding at September&nbsp;30, 2004</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">840,687</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.46 </font></p>
  </td>
  <td width="11" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.21</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.79</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Granted</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">117,000</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.41 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.35</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.13</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercised</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(291,734</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.46 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.22</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.46</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cancelled</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(71,700</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.00 </font></p>
  </td>
  <td width="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.17</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.51</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding at September&nbsp;30, 2005</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">594,253</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.46 </font></p>
  </td>
  <td width="11" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.35</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.76</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Granted</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">204,000</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.97 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.00</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.36</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercised</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(25,300</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.00 </font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.13</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.48</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cancelled</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(71,099</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0.375pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.73 </font></p>
  </td>
  <td width="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="45" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.35</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.70</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding at September&nbsp;30, 2006</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">701,854</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.46 </font></p>
  </td>
  <td width="11" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.35</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.93</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,226,327</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="250" valign="top" style="padding:0pt .7pt 0pt 0pt;width:187.75pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Options
  exercisable at September&nbsp;30, 2006</font></p>
  </td>
  <td width="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:37.85pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">374,454</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.46</font></p>
  </td>
  <td width="11" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p align="center" style="margin:4.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="39" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:29.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.35</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="32" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:24.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.35</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:4.0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,063,811</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The weighted-average fair value of the stock options
granted during the fiscal years ended September&nbsp;30, 2006, 2005 and 2004
were $14.36, $19.13 and $10.72 respectively. The total intrinsic value of
options exercised during the fiscal year ended September&nbsp;30, 2006, 2005
and 2004 were $187,000, $4.8&nbsp;million and $1.5 million respectively.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
fair value of each option grant is estimated on the date of grant using the
Black-Scholes option-pricing model that uses the weighted average assumptions
noted in the following table. Expected volatilities are based on historical
volatility of the Company&#146;s Common Stock, and other factors. The Company uses
historical data to estimate option exercise and employee termination within the
valuation model. The expected term of options is derived from historical
exercise behavior and represents the period of time that options granted are
expected to be outstanding. The risk-free rate for periods within the
contractual life of the option is based on U.S. treasuries with constant
maturities in effect at the time of&nbsp;grant. </font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="361" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:270.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="166" colspan="11" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:124.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fiscal&nbsp;Year&nbsp;Ended&nbsp;September&nbsp;30,</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="361" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:270.55pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;2006&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;2005&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="45" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:33.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;2004&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="361" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expected dividend
  rate</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="361" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expected
  volatility</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63.7</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="361" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Weighted average
  risk-free interest rate</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.0</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.5</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="361" valign="top" style="padding:0pt .7pt 0pt 0pt;width:270.55pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expected lives (years)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.41</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.35</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.3pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">43</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following table summarizes information concerning outstanding and exercisable
options at September&nbsp;30, 2006:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" bgcolor="white" style="background:white;border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="417" colspan="21" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:312.6pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Options&nbsp;Outstanding</font></b></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="163" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:122.25pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Options&nbsp;Exercisable</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="68" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="13" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="35" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.9pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:53.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Outstanding<br>
  As&nbsp;of</font></b></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="61" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted-<br>
  Average<br>
  Remaining</font></b></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted-<br>
  Average</font></b></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="75" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">As&nbsp;of</font></b></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="53" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Weighted-<br>
  Average</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="115" colspan="8" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:86.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Range&nbsp;of&nbsp;Exercise</font></b></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:53.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,</font></b></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="61" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Contractual</font></b></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:38.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exercise</font></b></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="75" colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:56.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">September&nbsp;30,</font></b></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="53" colspan="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:39.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exercise</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="115" colspan="8" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:86.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Prices</font></b></p>
  </td>
  <td width="50" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:37.2pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:53.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="61" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:45.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Life</font></b></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="52" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:38.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Price</font></b></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="75" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:56.35pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">2006</font></b></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="53" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:39.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Price</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="14" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:10.8pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="34" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:25.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>
  </td>
  <td width="16" colspan="2" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 1.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="33" colspan="2" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:24.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.00</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">226,305</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.00</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">223,605</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.00</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.8pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.01</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 1.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="33" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.00</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">156,049</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.67</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">111,049</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.69</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.8pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.01</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 1.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="33" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.00</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">242,000</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.21</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23,400</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.81</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.8pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.01</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 1.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="33" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.00</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:36.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61,700</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.9</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.59</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:44.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,000</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:26.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.89</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.8pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.01</font></p>
  </td>
  <td width="16" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p align="center" style="margin:0pt 0pt .0001pt 1.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-</font></p>
  </td>
  <td width="33" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.35</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:36.2pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15,800</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.45pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:14.9pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.7</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="35" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:25.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.77</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:44.3pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,400</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:26.65pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.73</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.8pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:30.6pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:24.6pt;">
  <p align="right" style="margin:0pt 0pt .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="61" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.5pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:36.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">701,854</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:8.75pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.45pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:14.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.8</font></p>
  </td>
  <td width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:15.5pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="35" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:25.9pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.93</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:21.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="59" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:44.3pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">374,454</font></p>
  </td>
  <td width="12" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:9.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="35" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:25.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="36" valign="bottom" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:26.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.35</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.2pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="14" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
  <td width="13" style="border:none;"></td>
  <td width="3" style="border:none;"></td>
  <td width="9" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="50" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="48" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="20" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="34" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="4" style="border:none;"></td>
  <td width="59" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
  <td width="5" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="36" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of September&nbsp;30,
2006, there was approximately $2.2 million of&#160;
unrecognized compensation cost, net of forfeitures, related to
non-vested stock options, which is expected to be recognized over a period of
approximately 5 years.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Commitments
and Contingencies:</p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital Lease</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company leases certain
equipment under capital leases with terms of five years and implicit interest
rates of 4.3%. The capitalized cost of $39,119 and the related accumulated
amortization of $32,359 and $18,749 have been included in property and
equipment at September&nbsp;30, 2006 and 2005 respectively. The balance due on
these leases was $12,478 and $20,370 as of September&nbsp;30, 2006 and 2005
respectively. The payments for fiscal 2007 and 2008 are $7,891 and $4,587
respectively. Amortization expenses is included in depreciation expense.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating Leases</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rent expense under
operating leases totaled $11,004, $19,994 and $20,010 for the years ended September&nbsp;30,
2006, 2005 and 2004, respectively. As of September&nbsp;30, 2006, future minimum
payments related to all cancelable operating leases total $55,020.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Product Liability</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company currently has
product liability insurance of $50,000,000, which management believes is
adequate to cover potential liabilities that may arise.</font></p>

<p style="font-style:italic;margin:0pt 0pt 6.0pt 30.0pt;page-break-after:avoid;text-indent:-10.0pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Proceedings</font></i></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From time to time, the
Company is subject to various legal proceedings in the ordinary course of
business. Management does not believe that any of the current legal proceedings
will have a material adverse effect on the Company&#146;s operations or financial
condition.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Related-Party
Transactions:</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company incurred legal fees of $357,000, $137,000
and $115,898 with a law firm which is a shareholder of the Company for the
years ended September&nbsp;30, 2006, 2005 and 2004, respectively. The fees paid
and services rendered were comparable with the fees paid and services rendered
prior to the law firm&#146;s investment in the Company.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">44</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the years ended September&nbsp;30,
2006, 2005 and 2004, respectively, the Company incurred service fees of
$25,000, $33,000 and $124,932 with a commercial graphics firm controlled by an
individual who is married to a significant shareholder and the daughter of the
Company&#146;s Chairman and Chief Executive Officer.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Quarterly
Financial Data (unaudited):</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
summarized quarterly results of operations of the Company for the years ended September&nbsp;30,
2006 and September&nbsp;30, 2005 are presented below: </font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="231" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="353" colspan="19" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:265.1pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year&nbsp;Ended&nbsp;September&nbsp;30,&nbsp;2006</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="231" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="72" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:54.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">First&nbsp;Quarter</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="77" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:58.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Second&nbsp;Quarter</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="77" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:58.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Third&nbsp;Quarter</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="79" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:58.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fourth&nbsp;Quarter</font></b></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net sales</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,405,387</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,744,752</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,991,022</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,580,806</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of sales</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,702,018</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,194,718</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,667,301</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,067,724</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross profit</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,703,369</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,550,034</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,323,721</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,513,082</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating income
  (loss)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(728,468</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,567,404</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,915,218</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2,311,888</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income (loss)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,125</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(777,656</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1,161,614</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(949,247</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income (loss) per common share</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="67" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:50.35pt;">
  <p style="margin:4.0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.04</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.07</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.06</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="231" valign="top" style="padding:0pt .7pt 0pt 0pt;width:173.4pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.04</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.07</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:3.95pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="60" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:45.35pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(0.06</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="251" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="339" colspan="15" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:254.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Year&nbsp;Ended&nbsp;September&nbsp;30,&nbsp;2005</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="251" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">First&nbsp;Quarter</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="80" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:59.65pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Second&nbsp;Quarter</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Third&nbsp;Quarter</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="74" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:55.5pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Fourth&nbsp;Quarter</font></b></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net sales</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18,978,804</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19,001,021</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,101,620</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,182,914</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cost of sales</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,182,143</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,777,273</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,846,912</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,082,402</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gross profit</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,796,661</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13,223,748</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,254,708</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,100,512</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating income
  (loss)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,496,663</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,371,352</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,263,946</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,287,157</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income (loss)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,192,803</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,273,839</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,898,713</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,219,446</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:4.0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Net income (loss)
  per common share</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="69" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:51.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62" colspan="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Basic</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.35</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.35</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.27</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.07</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="251" valign="top" style="padding:0pt .7pt 0pt 0pt;width:188.4pt;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Diluted</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.34</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.05pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.34</font></p>
  </td>
  <td width="5" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.1pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="62" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:46.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.27</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt 0pt 0pt 0pt;width:5.0pt;">
  <p align="left" style="margin:0pt 0pt .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="55" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:41.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.07</font></p>
  </td>
  <td width="6" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:4.5pt;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:1.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quarterly and total year
earnings per share are calculated independently based on the weighted average
number of shares outstanding during each period.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 20.0pt;page-break-after:avoid;text-indent:-20.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Business
Segments</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company operates in
one principal business segment which designs, manufactures and sells flight
information computers, flat panel displays and advanced monitoring systems to
the DoD, government agencies, commercial air transport carriers and
corporate/general aviation markets. The Company currently derives virtually all
of its revenues from the sale of this equipment. Almost all of the Company&#146;s
sales, operating results and identifiable assets are in the United States. Net
sales, operating results and identifiable assets outside of the U.S. are not
significant.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Changes
in and disagreements with accountants on accounting and financial disclosure.<a name="Item9_ChangesInAndDisagreementsWi_030546"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>


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<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9A.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Controls
and procedures<a name="Item9a_ControlsAndProcedures_030549"></a></p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>An evaluation was
performed under the supervision and with the participation of the Company&#146;s
management, including its Chief Executive Officer, or CEO, and Chief Financial
Officer, or CFO, of the effectiveness of the Company&#146;s disclosure controls and
procedures, as such term is defined under Rule&nbsp;13a-15(e)&nbsp;promulgated
under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) as
of September&nbsp;30, 2006. Based on that evaluation, the Company&#146;s management,
including the CEO and CFO, concluded that the Company&#146;s disclosure controls and
procedures are effective to provide reasonable assurance that information
required to be disclosed by the Company in reports that it files or submits
under the Exchange Act, is recorded, processed, summarized and reported as
specified in Securities and Exchange Commission rules&nbsp;and forms.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There
were no changes in the Company&#146;s internal control over financial reporting
identified in connection with the evaluation of such controls that occurred
during the Company&#146;s most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Company&#146;s internal control
over financial reporting.</p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management&#146;s Report
on Internal Control over financial reporting<a name="ManagementsReportOnInternalContro_030555"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management of Innovative Solutions&nbsp;&amp; Support,&nbsp;Inc.
and its subsidiaries (the Company) is responsible for establishing and
maintaining adequate internal control over financial reporting. The Company&#146;s
internal control over financial reporting is a process designed under the
supervision of the Company&#146;s principal executive officer and principal
financial officer to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of the Company&#146;s financial statements
for external purposes in accordance with accounting principles generally
accepted in the United States of&nbsp;America.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company&#146;s internal control over financial
reporting includes policies and procedures that (1)&nbsp;pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Company; (2)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the Company are
being made only in accordance with authorizations of management and directors
of the Company; and (3)&nbsp;provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the
Company&#146;s assets that could have a material effect on the financial statements.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Due to its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements and, even when
determined to be effective, can only provide reasonable, not absolute,
assurance with respect to financial statement preparation and presentation.
Projections of any evaluation of effectiveness to future periods are subject to
risk that controls may become inadequate as a result of changes in conditions
or deterioration in the degree of compliance.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of September&nbsp;30, 2006, management assessed the
effectiveness of the Company&#146;s internal control over financial reporting based
on the criteria established in Internal Control&#151;Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Based on this assessment, management has determined that the Company&#146;s internal
control over financial reporting as of September&nbsp;30, 2006 is effective.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our management&#146;s assessment of the effectiveness of
our internal control over financial reporting has been audited by Deloitte&nbsp;&amp;
Touche LLP, an independent registered public accounting firm, as stated in
their report which is included herein.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">46</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<a name="ReportOfIndependentRegisteredPubl_030905"></a></font></b></p>

<p style="margin:0pt 0pt 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the Board of Directors and Shareholders of<br>
Innovative Solutions and Support,&nbsp;Inc.<br>
Exton, Pennsylvania</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have audited management&#146;s assessment, included in
the accompanying Management&#146;s Report on Internal Controls over Financial
Reporting, that Innovative Solutions and Support,&nbsp;Inc. and subsidiaries
(the &#147;Company&#148;) maintained effective internal control over financial reporting
as of September&nbsp;30, 2006, based on criteria established in <i>Internal Control&#151;Integrated Framework</i> issued by the
Committee of Sponsoring Organizations of the Treadway Commission. The Company&#146;s
management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal
control over financial reporting. Our responsibility is to express an opinion
on management&#146;s assessment and an opinion on the effectiveness of the Company&#146;s
internal control over financial reporting based on our audit.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We conducted our audit in accordance with the
standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an
understanding of internal control over financial reporting, evaluating
management&#146;s assessment, testing and evaluating the design and operating
effectiveness of internal control, and performing such other procedures as we
considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinions.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A company&#146;s internal control over financial reporting
is a process designed by, or under the supervision of, the company&#146;s principal
executive and principal financial officers, or persons performing similar
functions, and effected by the company&#146;s board of directors, management, and
other personnel to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company&#146;s internal
control over financial reporting includes those policies and procedures that (1)&nbsp;pertain
to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors
of the company; and (3)&nbsp;provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of the
company&#146;s assets that could have a material effect on the financial statements.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because of the inherent limitations of internal
control over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error
or fraud may not be prevented or detected on a timely basis. Also, projections
of any evaluation of the effectiveness of the internal control over financial
reporting to future periods are subject to the risk that the controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In our opinion, management&#146;s assessment that the
Company maintained effective internal control over financial reporting as of September&nbsp;30,
2006, is fairly stated, in all material respects, based on the criteria
established in <i>Internal Control&#151;Integrated Framework</i>
issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Also in our opinion, the Company maintained, in all material respects,
effective internal control over financial reporting as of September&nbsp;30,
2006, based on the criteria established in <i>Internal Control&#151;Integrated
Framework</i> issued by the Committee of Sponsoring Organizations of the
Treadway Commission.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">47</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the consolidated financial
statements as of and for the year ended September&nbsp;30, 2006 of the Company
and our report dated December&nbsp;7, 2006, expressed an unqualified opinion on
those financial statements.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;">
 <tr style="page-break-inside:avoid;">
  <td width="227" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:170.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->/s/ DELOITTE&nbsp;&amp; TOUCHE LLP</p>
  </td>
  <td width="381" valign="top" style="padding:0pt .7pt 0pt 0pt;width:285.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">P</font>hiladelphia, Pennsylvania</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">48</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;III<a name="Partiii_031046"></a></font></b></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 10.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Directors
and executive officers of the registrant.<a name="Item10_DirectorsAndExecutiveOffic_031046"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This information (other
than the information relating to executive officers included in Part&nbsp;I
Item 1.) will be included in our Proxy Statement relating to our Annual Meeting
of Shareholders, which will be filed within 120 days after the close of our
fiscal year covered by this Report, and is hereby incorporated by reference to
such Proxy Statement. We have adopted a written code of business conduct and
ethics, known as our code of conduct, which applies to all of our directors,
officers, and employees, including our chief&nbsp;executive officer, our
president and our chief financial officer. Our code of conduct is available on
our Internet website, <i>www.innovative-ss.com</i>.
Our code of conduct may also be obtained by contacting investor relations at
(610) 646-9800. Any amendments to our code of conduct or waivers from the
provisions of the code for our directors and our officers will be disclosed on
our Internet website promptly following the date of such amendment or waiver.</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 11.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Executive
compensation.<a name="Item11_ExecutiveCompensation__031046"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This information will be
included in our Proxy Statement relating to our Annual Meeting of Shareholders,
which will be filed within 120 days after the close of our fiscal year covered
by this Report, and is hereby incorporated by reference to such Proxy
Statement.</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 12.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Security
ownership of certain beneficial owners and management.<a name="Item12_SecurityOwnershipOfCertain_031047"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This information will be
included in our Proxy Statement relating to our Annual Meeting of Shareholders,
which will be filed within 120 days after the close of our fiscal year covered
by this Report, and is hereby incorporated by reference to such Proxy
Statement.</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 13.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Certain
relationships and related transactions.<a name="Item13_CertainRelationshipsAndRel_031047"></a></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This information will be
included in our Proxy Statement relating to our Annual Meeting of Shareholders,
which will be filed within 120 days after the close of our fiscal year covered
by this Report, and is hereby incorporated by reference to such Proxy
Statement.</font></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 14.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Principal
accounting fees and services<a name="Item14_PrincipalAccountingFeesAnd_031047"></a></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This information will be included in our Proxy
Statement relating to our Annual Meeting of Shareholders, which will be filed
within 120 days after the close of our fiscal year covered by this Report, and
is hereby incorporated by reference to such Proxy Statement.</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">49</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">PART&nbsp;IV<a name="Partiv_032237"></a></font></b></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0pt 0pt 6.0pt 47.0pt;page-break-after:avoid;text-indent:-47.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 15.</font></b><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits,
financial statement schedules.<a name="Item15_ExhibitsFinancialStatement_032238"></a></p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The following documents
are filed as part of this report:</p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; <i>Financial Statements</i></font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">See index to Financial Statements at Item 8 on page&nbsp;28
of this report.</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; <i>Financial Statement Schedules</i></font></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedules have been
omitted because they are not applicable or are not required or the information
required to be set forth therein is included in the financial statements or
notes thereto.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160; The following exhibits are filed as part of,
or incorporated by reference into this report:</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="40" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:29.85pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit<br>
  Number</p>
  </td>
  <td width="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:5.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="14" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:10.15pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="9" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="538" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Exhibit&nbsp;Title</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1#</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Articles of
  Incorporation of IS&amp;S.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2#</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bylaws of
  IS&amp;S.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1*#</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IS&amp;S 1988
  Incentive Stock Option Plan.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2*#</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IS&amp;S 1998
  Stock Option Plan.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.8@</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bond Purchase Agreement.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.9@</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reimbursement,
  Credit and Security Agreement.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.11@</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Indenture.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.12*&#134;</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employment
  Agreement by and between Roman G. Ptakowski and IS&amp;S dated March&nbsp;29,&nbsp;2003.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiaries of
  IS&amp;S.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Deloitte and Touche LLP.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.1</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification of
  Chief Executive Officer pursuant to Rule&nbsp;13a-14(a)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31.2</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification of
  Chief Financial Officer Pursuant to Rule&nbsp;13a-14(a)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="60" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32.1</font></p>
  </td>
  <td width="9" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.0pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="538" valign="top" style="padding:0pt .7pt 0pt 0pt;width:403.7pt;">
  <p style="margin:4.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certification Pursuant
  to U.S.C. Section&nbsp;1350, as Adopted Pursuant to Section&nbsp;906 of the
  Sarbanes-Oxley Act of 2002.</font></p>
  </td>
 </tr>
</table>

</div>

<div style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><hr size="1" width="160" noshade color="black" align="left" style="width:120.0pt;"></div>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Constitutes a
management contract or compensatory plan or arrangement required to be filed as
an exhibit to this form.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">#</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference from the Registrant&#146;s Registration Statement on Form&nbsp;S-1
(File No.&nbsp;333-96584) filed with the Commission on May&nbsp;9, 2000,
as amended.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">@</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated by
reference from the Registrant&#146;s Form&nbsp;10-K filed with the Commission
for fiscal year&nbsp;2000.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#134;</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Incorporated
by reference from the registrant&#146;s Form&nbsp;10-Q filed with the
Commission for the quarter ended March&nbsp;31, 2003.</p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">50</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='50',FILE='C:\Fc\3382141544_P66509CHE_1533401\24700-1-fy.htm',USER='jmsproofassembler',CD='Dec  4 21:42 2006' -->



<br clear="all" style="page-break-before:always;">

<div style="font-family:Times New Roman;">

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES<a name="Signatures_031928"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.98%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INNOVATIVE
  SOLUTIONS AND SUPPORT,&nbsp;INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.98%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:24.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.14%;">
  <p align="center" style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;GEOFFREY S. M. HEDRICK</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.14%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoffrey
  S. M. Hedrick</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.14%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Chairman
  of the Board and</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.14%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Chief
  Executive Officer</font></i></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.98%;">
  <p style="margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.02%;">
  <p style="margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&nbsp;December&nbsp;7,
  2006</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
to the requirements of Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange
Act of 1934, this report has been signed by the following persons on behalf of
the Registrant and in the capacities and on the dates indicated.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.16%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:7.76%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Signature</font></b></p>
  </td>
  <td width="19%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:19.18%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Title</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:12.48%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.8%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:3.94%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Date</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:7.8%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;GEOFFREY S. M. HEDRICK</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board
  and</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7,
  2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Geoffrey S. M. Hedrick</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Principal Executive Officer)</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;ROMAN
  G. PTAKOWSKI</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Roman G. Ptakowski</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(President))</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;JAMES
  J. REILLY</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial
  Officer</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">James J. Reilly</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Principal Financial and Accounting Officer)</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;GLEN
  R. BRESSNER</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Glen R. Bressner</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;WINSTON
  J. CHURCHILL</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Winston J. Churchill</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;IVAN
  M. MARKS</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ivan M. Marks</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;ROBERT
  E. MITTELSTAEDT,&nbsp;JR.</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Robert E. Mittelstaedt,&nbsp;Jr.</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;ROBERT
  H. RAU</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Robert H. Rau</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:12.0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="46%" colspan="3" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.1%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:28.84%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:19.52%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 11.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">51</font></p>
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;23.1</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<a name="ConsentOfIndependentRegisteredPub_032427"></a></font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
consent to the incorporation by reference in Registration Statement No.&nbsp;333-70468
on Form S-8 of our reports dated December&nbsp;7, 2006, relating to the
consolidated financial statements of Innovative Solutions and Support,&nbsp;Inc.
and subsidiaries and management&#146;s report on the effectiveness of internal
control over financial reporting, appearing in this Annual Report on Form&nbsp;10-K
of Innovative Solutions and Support,&nbsp;Inc. and subsidiaries for the year
ended September&nbsp;30, 2006.</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="186" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:139.8pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->/s/ DELOITTE&nbsp;&amp;
  TOUCHE LLP</p>
  </td>
  <td width="421" valign="top" style="padding:0pt .7pt 0pt 0pt;width:315.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="608" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philadelphia, Pennsylvania</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="608" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.65pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;12, 2006</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

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<FILENAME>a06-24700_1ex31d1.htm
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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;31.1</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Geoffrey S. M.
Hedrick, certify that:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed
this annual report on Form&nbsp;10-K of Innovative Solutions and Support,&nbsp;Inc.;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my
knowledge, this annual report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this annual report;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my
knowledge, the financial statements, and other financial information included
in this annual report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s
other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and
15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the
registrant and have:</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such
disclosure controls and procedures or caused such disclosure controls to be
designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
annual report is being prepared;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such
internal control over financial reporting, or caused such internal controls
over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the
effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this
report any change in the registrant&#146;s internal control over financial reporting
that occurred during the registrant&#146;s fourth fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s
other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of registrant&#146;s board of directors (or persons
performing the equivalent functions);</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize and report
financial information; and</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial
reporting.</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7,
2006</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="199" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:149.4pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->/s/&nbsp;GEOFFREY S. M. HEDRICK</p>
  </td>
  <td width="408" valign="top" style="padding:0pt .7pt 0pt 0pt;width:306.2pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Geoffrey S. M.
  Hedrick</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="607" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:455.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Chief
  Executive Officer</font></i></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;31.2</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, James J. Reilly,
certify that:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed
this annual report on Form&nbsp;10-K of Innovative Solutions and Support,&nbsp;Inc.;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my
knowledge, this annual report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this annual report;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my
knowledge, the financial statements, and other financial information included
in this annual report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s
other certifying officers and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e)&nbsp;and
15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f)&nbsp;and 15d-15(f)) for the
registrant and have:</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such
disclosure controls and procedures or caused such disclosure controls to be
designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this
annual report is being prepared;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>designed such
internal control over financial reporting, or caused such internal controls
over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles.</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the
effectiveness of the registrant&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation;</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this
report any change in the registrant&#146;s internal control over financial reporting
that occurred during the registrant&#146;s fourth fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting; and</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 20.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The registrant&#146;s
other certifying officers and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of registrant&#146;s board of directors (or persons
performing the equivalent functions);</p>

<p style="font-size:10.0pt;margin:0pt 0pt 6.0pt 40.0pt;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize and report
financial information; and</p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 40.0pt;page-break-after:avoid;text-indent:-20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b)</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial
reporting.</p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;">
 <tr style="page-break-inside:avoid;">
  <td width="184" valign="top" style="padding:0pt .7pt 0pt 0pt;width:138.0pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->December&nbsp;7, 2006</p>
  </td>
  <td width="425" valign="top" style="padding:0pt .7pt 0pt 0pt;width:318.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="184" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:138.0pt;">
  <p style="font-size:10.0pt;margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/</font>s/&nbsp;JAMES J. REILLY</p>
  </td>
  <td width="425" valign="top" style="padding:0pt .7pt 0pt 0pt;width:318.4pt;">
  <p style="margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="184" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:138.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James J. Reilly</font></p>
  </td>
  <td width="425" valign="top" style="padding:0pt .7pt 0pt 0pt;width:318.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="184" valign="top" style="padding:0pt .7pt 0pt 0pt;width:138.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Chief
  Financial Officer</font></i></p>
  </td>
  <td width="425" valign="top" style="padding:0pt .7pt 0pt 0pt;width:318.4pt;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

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<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;32.1</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 6.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATION
PURSUANT TO<a name="CertificationPursuantTo18U_s_c_Se_033932"></a><br>
18 U.S.C. SECTION&nbsp;1350,<br>
AS ADOPTED PURSUANT TO<br>
SECTION&nbsp;906 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p style="margin:0pt 0pt 6.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with
the Annual Report of Innovative Solutions and Support,&nbsp;Inc. (the &#147;Company&#148;)
on Form&nbsp;10-K for the period ending September&nbsp;30, 2006 as filed
with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;),
each of the undersigned officers of the Company, certify, pursuant to 18 U.S.C.
&#167; 1350, as adopted pursuant to &#167; 906 of the Sarbanes-Oxley Act of 2002, that:</font></p>

<p style="margin:0pt 0pt 6.0pt;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160; The Report
fully complies with the requirements of section 13(a)&nbsp;or 15(d)&nbsp;of the
Securities Exchange Act of 1934; and</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:20.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160; The information contained in the Report
fairly presents, in all material respects, the financial condition and results
of operations of the Company.</font></p>

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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableFull --><!-- SET mrlNoTableShading -->/s/ GEOFFREY S. M. HEDRICK</p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Geoffrey S. M. Hedrick</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Chairman of the Board and Chief Executive Officer</font></i></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ JAMES J. REILLY</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:12.0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James J. Reilly</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Chief Financial Officer</font></i></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;7, 2006</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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