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<SEC-DOCUMENT>0000914122-06-000004.txt : 20061113
<SEC-HEADER>0000914122-06-000004.hdr.sgml : 20061110
<ACCEPTANCE-DATETIME>20060310134508
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000914122-06-000004
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20060310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MFRI INC
		CENTRAL INDEX KEY:			0000914122
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
		IRS NUMBER:				363922969
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714
		BUSINESS PHONE:		8479661000

	MAIL ADDRESS:	
		STREET 1:		7720 LEHIGH AVE
		CITY:			NILES
		STATE:			IL
		ZIP:			60714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MIDWESCO FILTER RESOURCES INC
		DATE OF NAME CHANGE:	19970402
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit C</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font color="#0066FF"><font face="Arial" size=6>midwesco</font></font><b> </b>Filter Resources, Inc.</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;<img src="img3.gif"><br> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>ORGANIZATIONAL ANNOUCEMENT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>February 16, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The five year strategic plan adapted in 2005 for MFRI&#146;s Filter Group called for the business to grow sales revenues to nearly $120 million by 2010 and to steadily improve its operating profit as a percentage of sales to 15.0 during this period.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>One of the key success elements identified in the strategic plan was to develop a &#147;one company&#148; approach to our various marketplaces.  The first step was taken when we consolidated the North American marketing and selling resources in Winchester, VA and Cicero, IL under McLeod Stephens&#146; leadership as Senior Vice President, North American Marketing and Sales.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In another step forward in the implementation of our strategic plan we are dissolving the general manager&#146;s role at TDC and creating a function oriented organizational structure in North America.  Effective immediately, Joe Marcinski will become responsible for the manufacturing and related activities at both Winchester and Cicero as Vice President, North American Operations.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>A generalized schematic of the North American organization will look like:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><img src="img1.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The human resource activities in Cicero will continue reporting to the Controller, Otilia Esparza and the human resource activities in Winchester will continue reporting to the President.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Until his retirement in June, Herb Sturm will continue to direct the material and marketing services efforts in Winchester reporting to the President.  Upon his retirement, these activities will be deployed into the organization announced above.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="600" style='border-collapse:collapse'>
    <tr >
        <td width="368" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gene K. Ogilvie, President  </font></p> </td>
        <td width="64" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Copy:</font></p> </td>
        <td width="117" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>David Unger  </font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>CPE</font></p> </td> </tr>
    <tr >
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Midwesco Filter Resources, Inc.  </font></p> </td>
        <td width="117" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Brad Mautner  </font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>UPC</font></p> </td> </tr>
    <tr >
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Bennett</font></p> </td>
        <td  width="43">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="368" ></td>

        <td width="64" ></td>

        <td width="117" ></td>

        <td width="8" ></td>

        <td width="43" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<font color="#0066FF"><font face="Arial" size=6>midwesco</font></font><b> </b>Filter Resources, Inc.</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;<img src="img4.gif"><br> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><u><b><font size=2>Filter Group Global Sourcing &amp; Procurement Organization</font></b></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>February 17, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Relentless pursuit of lower material costs is the single largest ingredient to improving the financial success of MFRI&#146;s Filter Group.  Sourcing and procurement of these materials must be conducted on a global basis to be competitive on a global basis.  It is recognized that lower material costs can come as the result of (1) buying current materials at a lower cost, (2) new product designs that allow lower cost materials to be utilized and/or (3) changing manufacturing methods to allow lower cost materials to be incorporated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>To that end, we have formed the Filter Group Global Sourcing and Procurement Team.  Jorgen Poulsen, Managing Director Nordic Air Filtration, effective immediately, will serve additionally as Director of Global Sourcing and Procurement.  It is envisioned the global sourcing and procurement effort will be conducted in three phases:  (1) finding sources, (2) qualifying those sources and (3) procuring from those sources.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>While everyone in the Filter Group is encouraged to help us find new potentially lower cost material sources, the primary &#147;finders&#148; will be Jorgen Poulsen, Paul Condliffe, Keith Ogilvie and Gene Ogilvie.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Qualifying new sources and materials is a critical part of the effort to drive our material costs lower.  It is understood that material testing, prototyping and process(manufacturing) evaluations will involve many of us in the organization but, the primary role of qualifying a new source/material will reside with Jorgen Poulsen, Jacob Jacobsen,  McLeod Stephens, Tom Anderson, Dan Modesto, Joe Marcinski, Keith Ogilvie and Gene Ogilvie(the &#147;qualifiers&#148;).</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Procurement activities throughout the Filter Group will continue to reside with the local purchasing organizations through their replenishment material models in support of our customer driven product delivery needs.  Jesper Bonde, Sue Gubala and Randy McAvoy will be working with the Group&#146;s finders and qualifiers to shorten the time required to realize material cost reductions and have a dotted line reporting relationship to Jorgen Poulsen.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Filter Group Global Sourcing &amp; Procurement Organization&#151;Page 2</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
<HR noshade align="center" width="100%" size="2">
<p style='page-break-before:always'></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Overall, the effective management of this effort under Jorgen&#146;s direction will be coordinated using a limited access website that will host the various &#147;projects&#148; in process and generate progress reports and measurements.  Organizationally, the sourcing/procurement effort is schematically depicted below:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><img src="img2.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Filtration media is our largest material cost.  It will be the initial primary focus of the group.  We, as an organization, must be willing to change vendors, materials of construction, product design, methods of manufacture or whatever else it may take to drive our material costs down.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Please join the effort.  Share you thoughts and ideas with Jorgen.  I can assure you this group will be action oriented.  They are already moving forward on a number of very exciting cost reduction fronts which could dramatically affect our 2006 financial performance.  The group will be active on a daily basis and will report to you in appropriate ways our progress.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Gene K. Ogilvie, President</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Midwesco Filter Resources, Inc.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Copy: David Unger</font></p>


<table border="0" cellspacing=0 cellpadding=0 width="169" style='border-collapse:collapse'>
    <tr >
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Brad Mautner</font></p> </td>
        <td  width="17">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="4" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael Bennett</font></p> </td> </tr>
    <tr >
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="49" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>CPE</font></p> </td>
        <td   colspan="3">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr >
        <td width="44" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>UPC</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr>
        <td width="44" ></td>

        <td width="49" ></td>

        <td width="1" ></td>

        <td width="57" ></td>

        <td width="17" ></td> </tr> </table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>



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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>MFRI, Inc.</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Exhibit B</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Response to February 13, 2006 SEC Comment Letter</font></b></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font face="Arial" size=2>Operating Unit Data requested - $thousands</font></b></i><i></i></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Industrial</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Industrial</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Midwesco</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font FACE="ARIAL" SIZE=2>TDC</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Nordic</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Process</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Process</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
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        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Filter</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Filter</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Air</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Filtration</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Piping</font></b></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Thermal</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Boe-</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Cooling</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Cooling</font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Combined</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><B><font FACE="ARIAL" SIZE=2>MFRI</font></B></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Resources</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Mfg.</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Filtration</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Products</font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Systems</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Care</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Therm</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Equipment</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Equipment</font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Operating</font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>Consoli-</font></b></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Inc.</font></u><u></u></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Inc.</font></u><u></u></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><U><font FACE="ARIAL" SIZE=2>A/S</font></U><u></u></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=2>Total</font></b></u><u></u></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=2>Business</font></b></u><u></u></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Inc.</font></u><u></u></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><U><font FACE="ARIAL" SIZE=2>A/S</font></U><u></u></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Eliminations</font></u><u></u></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=2>Total</font></b></u><u></u></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=2>Segments</font></b></u><u></u></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>Corporate</font></u><u></u></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><u><b><font face="Arial" size=2>dated</font></b></u><u></u></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>2004</font></u><u></u></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Sales</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>33,617 </font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>15,989 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>12,134 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>61,740 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>54,053 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>25,014 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>4,694 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (405)</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>29,303 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>145,096 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>145,096 </font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Gross profit</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>5,486 </font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>4,039 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>2,795 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>12,320 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>10,284 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>7,381 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,143 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>8,524 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>31,128 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>31,128 </font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Gross profit %</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>16.3%</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>25.3%</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>23.0%</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>20.0%</font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>19.0%</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>29.5%</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>24.4%</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>29.1%</font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>21.5%</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Operating profit</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>628 </font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,448 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,463 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>3,539 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>5,405 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,251 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>319 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>1,570 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>10,514 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (5,337)</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>5,177 </font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Operating profit %</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1.9%</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>9.1%</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>12.1%</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>5.7%</font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>10.0%</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>5.0%</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>6.8%</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>5.4%</font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>3.6%</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>2003</font></u><u></u></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Sales</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>31,557 </font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>13,802 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>9,513 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>54,872 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>40,523 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>22,075 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>3,692 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (273)</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>25,494 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>120,889 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>120,889 </font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Gross profit</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>4,401 </font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>3,487 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,894 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>9,782 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>7,516 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>6,306 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>994 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>7,300 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>24,598 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>24,598 </font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Gross profit %</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>13.9%</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>25.3%</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>19.9%</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>17.8%</font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>18.5%</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>28.6%</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>26.9%</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>28.6%</font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>20.3%</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Operating profit</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:25.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (776)</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,216 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>705 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>1,145 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>2,281 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>469 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>269 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>738 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>4,164 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (4,885)</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (721)</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Operating profit %</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>-2.5%</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>8.8%</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>7.4%</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>2.1%</font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>5.6%</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>2.1%</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>7.3%</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>2.9%</font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>-0.6%</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font face="Arial" size=2>2002</font></u><u></u></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Sales</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>33,154 </font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:9.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>13,351 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>6,669 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>53,174 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>44,037 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:6.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>22,779 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:5.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>3,228 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:32.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (321)</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:21.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>25,686 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>122,897 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:9.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>122,897 </font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Gross profit</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:24.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>4,874 </font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>3,234 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,390 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:19.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>9,498 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>10,187 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:12.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>6,506 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>749 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>7,255 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>26,940 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:14.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>26,940 </font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Gross profit %</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>14.7%</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>24.2%</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>20.8%</font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>17.9%</font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>23.1%</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>28.6%</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>23.2%</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>28.2%</font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>21.9%</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Operating profit</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-left: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:17.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (1,366)</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:15.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>1,094 </font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:22.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>672 </font></p> </td>
        <td width="72" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:27.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>400 </font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:20.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>4,321 </font></b></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:21.0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>608 </font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:18.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>94 </font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-right: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:.5in;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>702 </font></b></p> </td>
        <td width="81" nowrap valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:26.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>5,423 </font></b></p> </td>
        <td  nowrap colspan="2" valign=bottom style=' border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
            <p style='margin-left:0pt;text-indent:13.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2> (4,509)</font></p> </td>
        <td width="73" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:28.5pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>914 </font></p> </td> </tr>
    <tr style='height:13.5pt'>
        <td width="123" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>Operating profit %</font></p> </td>
        <td width="78" nowrap valign=bottom style='border-top:none; border-left:solid black 1.0pt;border-bottom:solid black 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>-4.1%</font></p> </td>
        <td width="67" nowrap valign=bottom style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>8.2%</font></p> </td>
        <td width="66" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>10.1%</font></p> </td>
        <td width="72" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>0.8%</font></b></p> </td>
        <td width="74" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>9.8%</font></b></p> </td>
        <td width="63" nowrap valign=bottom style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>2.7%</font></p> </td>
        <td width="53" nowrap valign=bottom style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>2.9%</font></p> </td>
        <td width="86" nowrap valign=bottom style=' border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font face="Arial" size=2>2.7%</font></b></p> </td>
        <td width="81" nowrap valign=bottom style='border-top:none; border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=bottom style='border-top: none;border-left:none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font color="#FF0000"><font face="Arial" size=2>&nbsp;</font></font></p> </td>
        <td width="73" nowrap valign=bottom style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.5pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font face="Arial" size=2>0.7%</font></p> </td> </tr>
    <tr style='height:12.75pt'>
        <td width="123" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="67" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="66" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="72" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="74" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="63" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="53" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="86" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="83" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:12.75pt'>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:center;'><U><B><font SIZE=2>EXHIBIT A</font></B></U></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><i><font size=2>SEC original Comment January 24, 2006.</font></i><font size=2>  We note your three reportable segments:  filtration products, piping systems and industrial process cooling equipment.  It appears to us that you have aggregated various business units into these reportable segments.  Demonstrate to us that the operating segments you aggregate meet all of the aggregation criteria in paragraph 17 of SFAS 131, including similar economic characteristics.  In addition, revise future filings to provide product-line disclosures as required by paragraph 37 of SFAS 131, or tell us why they are not required.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><i><font size=2>Company original response February 7, 2006.</font></i><font size=2>  Through a succession of acquisitions the Company and its predecessors have maintained its basic business organization as three segments as described below, for purposes of management, internal reporting, and public reporting. Each of the Company&#146;s three reportable segments has a segment manager who is directly accountable to and maintains regular contact with the Company&#146;s chief operating decision maker, a function which is performed by the Company&#146;s Chief Executive Officer and the Company&#146;s Chief Operating Officer. Each of those  three segment managers also is a member of the Company&#146;s Management Committee, which meets quarterly with the Company&#146;s Board of Directors. No subordinate of the three segment managers is directly accountable to or maintains regular contact with the chief operating
decision maker, nor is any such subordinate a member of the Management Committee.  Following are separate discussions for each of the Company&#146;s three reportable segments in light of the aggregation criteria in paragraph 17 of SFAS 131.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><u><font size=2>Filtration Products segment </font></u><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>The principal similar economic characteristics affecting this entire segment are substantial dependence upon governmental regulation of air pollution, and the impact of the business cycle on sales for both original equipment and replacement purposes.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Nature of products and services:  The Filtration Products segment manufactures and sells filter elements for dry filtration, together with filter-related products and accessories used during installation, operation and maintenance of the collectors and baghouses that utilize the Company&#146;s filter elements. All of the filter-related parts and accessories sold, and all of the services provided, are related to sale of the Company&#146;s filter elements.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Production processes of all the filter elements involve measuring, marking, and cutting the filtration media, and then assembling the media with necessary support hardware and  components.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Type or class of customers:  all customers of this segment utilize the Company&#146;s filter elements in stationary applications to remove dry particles from air.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Methods used to distribute:  sale and distribution of all the company&#146;s filtration products are accomplished by a combination of direct sales contact, independent representatives, and telemarketers. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>The regulatory environment:  this segment is substantially dependent upon governmental regulation of air pollution at the federal and state levels.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><u><font size=2>Piping Systems segment</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>The principal similar economic characteristics affecting this entire segment are seasonality due to warm and cold weather in the northern hemisphere, and the impact of the construction economic cycle.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Nature of products and services:  The Piping Systems segment engineers, designs, manufactures and sells specialty piping systems, as well as leak detection and location systems which are generally, though not always, sold as a part of a piping system.  Substantially all of the Company&#146;s piping systems are insulated.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>The production process for Piping Systems manufacture generally involves some combination of computer controlled metal cutting, pipe cutting, pipe bending, pipe coating, insulation foam application, and welding. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Customers of the Piping Systems segment generally use the Company&#146;s products to transport liquids from one location to another.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Methods used to distribute:  sales and distribution of all Piping Systems products are either direct or through independent representatives.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>The regulatory environment:  this segment&#146;s products are affected by clean water and similar federal and state regulations, except where used for transport of water.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><u><font size=2>Industrial Process Cooling Equipment segment</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>The principal similar economic characteristics affecting this entire segment are the impacts of general economic conditions and the industrial business cycle on its sales.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Nature of products and services:  the Industrial Process Cooling Equipment segment engineers, designs, manufactures and sells thermostatically controlled coolers for industrial purposes.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Production processes of this segment involve assembly of equipment from subassemblies, prefabricated sheet metal, electrical control boxes, and hardware components.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>This segment&#146;s customers all use the Segment&#146;s products to optimize manufacturing productivity by quickly removing heat from manufacturing processes. Customers include thermoplastics manufacturers, commercial printers, and several other types of manufacturers. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Methods used to distribute:  the Company&#146;s Industrial Process Cooling Equipment products are generally sold through independent representatives and original equipment manufacturers.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>Regulatory environment:  government regulation is generally not a significant issue in this segment.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.8in;text-align:left;'><font size=2>The Company believes that its segment disclosure also satisfies the product-line  disclosure requirement of paragraph 37 of SFAS 131. Within each of the three segments, all of the primary products share the important characteristics listed in each segment&#146;s discussion above.  Following are comments regarding other-than-primary products of each segment. The Filtration Products filter-related products and accessories are directly tied to sale of filter elements, and total revenues from sale of such items are less than 10% of the Company &#146;s revenues.  Filtration Products services are directly tied to sale of filter elements, and revenues from such services total less than 10% of the Company&#146;s revenues.  The Piping Systems segment sales of leak detection and location systems are generally but not always tied to sale of a piping system, and total revenues from sale of such items
are less than 10% of the Company&#146;s revenues.  Industrial Process Cooling Equipment sales of parts are for systems manufactured by it, and total less than 10% of the Company&#146;s revenues. Industrial Process Cooling Equipment revenues from services are to service systems manufactured by it, and total less than 10% of the Company&#146;s revenues.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><img src="img1.gif"><br> <img src="img2.gif"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>March 10, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Mr. John Cash, Branch Chief</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Ms. Mindy Hooker, Staff Accountant</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Division of Corporation Finance</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>United States Securities and Exchange Commission</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Washington, D.C. 20549-7010</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Re:</font></p> </td>
        <td width="89" nowrap valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>MFRI, Inc.</font></p> </td>
        <td   colspan="2">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="3" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form 10-K for the fiscal year ended January 31, 2005</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>File No. 1-32530</font></p> </td>
        <td  width="223">
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Dear Mr. Cash and Ms. Hooker:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Following are our responses to your letter of February 13, 2006.  Our response follows the organization of your letter.  We have used terms that were defined in the Subject filings without re-iterating their definition in this letter. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=2>Note 11 &#150; Business Segment and Geographical Information, page 44</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="24" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>SEC Comment:</font></b></i><font size=2>  We note your response to our prior comment six and appreciate the additional information.  To the extent that you aggregate your operating segments to form your reporting units, for each period presented, please provide us with the historical revenues, gross profits, gross profit margins, operating profits, and operating profit margins, along with any other information you believe would be useful for each of your operating segments to help us understand how these operating segments are economically similar.  Please also address any differences in the trends these financial indicators depict (e.g. if a gross profit margin is decreasing for one component and increasing for another).</font></p> </td> </tr></table>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>We would also like further clarification with respect to the types of products and customers of the operating segments in all three of your segments.  Although your response indicates that you believe the products and customers are similar; it appears to us that the operating segments produce different products and have different customers.  In light of these factors, it is not clear to us how and why you have concluded that the operating segments in each of your reportable segments have similar products and customers.  For example, in your Process Cooling Equipment segment, page 44 of your 10-K indicates that the reporting segment produces different products, including chillers, mold temperature controllers, cooling towers, plant circulating systems and coolers for industrial process applications, and your response </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><img src="img3.gif"><br> <font size=2>Page </font>2</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>indicates that you have different customers, thermoplastics manufacturers, commercial printers and several other types of manufacturers; therefore, it is not clear to us how and why you have concluded that the operating segments in your Process Cooling Equipment segment have similar products and customers.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><i><b><font size=2>Company Response:</font></b></i><font size=2> <sup></sup></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.54in;text-align:left;'><font size=2>The Company does not believe that its individual subsidiaries constitute separate &#147;operating segments&#148; within the meaning of Paragraph 10 of SFAS 131.  Although for various historical and other reasons described below the Company has maintained separate legal entities within its three reportable operating segments, the Company believes each reporting  segment is operated as a single &#147;operating segment&#148; within the meaning of Paragraph 10.  Each reporting segment has its own corporate officer who functions as that segment&#146;s chief executive officer, each of whom reports solely to the &#147;chief operating decision maker&#148; of the enterprise.  The chief operating decision maker, in turn, deals with the executive in charge of the reporting segment and not with individual subsidiaries.  Each reporting segment has a separate budget, production facility or facilities,
customers, competitive industry, strategic plan and sales force.  Customers and sales forces are looked at on a reporting segment basis.  Moreover, persons outside the Company, such as investment analysts, view the Company as having three operating segments (which are the same as its reporting operating segments) and do not seek information on a subsidiary-by- subsidiary basis.  These points are discussed below in more detail with respect to each of the Company&#146;s three operating segments.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.85in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><i><font size=2>Economic similarity:</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Filtration Products reporting segment consists of three subsidiaries:   Midwesco Filter Resources Inc. (&#147;Midwesco Filter&#148;), TDC Filter Manufacturing Inc. (&#147;TDC&#148;), and Nordic Air Filtration A/S (&#147;Nordic&#148;). </font><sup></sup><font size=2> With respect to trends in financial indicators, we note that neither gross profit margins nor operating profit margins trend in a noticeably different way in one subsidiary compared with the other two.  The trend in operating profit margin, the most important financial indicator of those listed, is generally upward in the three subsidiaries, with only a 2002-2003 decrease in Nordic interrupting an otherwise perfectly consistent comparison.  The Company believes that the information provided in its February 7, 2006 response, attached to this letter, is also useful in describing the economic similarity of Midwesco Filter, TDC,
and Nordic, and offers the following to supplement that information to further clarify the Company&#146;s treatment of Filtration Products as a single operating and reporting segment for internal management purposes as well as for public reporting purposes.  The three subsidiaries became part of the Company through acquisition from third parties, and have been maintained as separate legal entities for reasons that are common in such</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>_________________________</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;To provide context for our response and to eliminate the need to quote  repeatedly from SEC&#146;s original comment and the Company&#146;s original response, the Company has attached the SEC&#146;s original comment and the Company&#146;s original response, in their entirety, with respect to the topics in the February 13 comment letter, as Exhibit A to this letter.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font face="Arial" size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;For the staff&#146;s information attached as Exhibit B is a chart presenting historical revenues, gross profits, gross profit margins, operating profits, and operating profit margins of the Company&#146;s operating segments for the three years reported in the Company&#146;s most recent Annual Report on Form 10-K.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><img src="img4.gif"><br> <font size=2>Page </font>3</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>circumstances, including limitation of lega</font><font face="Arial" size=2>l</font><font size=2> liability, while their manufacturing facilities and other operations have been left essentially intact to retain the human skills involved and to avoid unnecessary costs.  In the specific case of TDC, Midwesco Filter was working to expand its business to include pleated products sold for the same purposes to the same customer base as its original filter bag produce line when the opportunity to acquire TDC materialized in 1997 and proved to be a more advantageous way to add pleated products to the business.  In the specific case of Nordic, cross-border legal, banking and other considerations make it impractical for Nordic not to remain a Danish corporation.  Because TDC and Nordic continue as separate legal entities for the reasons just stated, separate financial records are of course required to be maintained and
separate financial statements prepared.  But since the acquisition of TDC in 1997 and Nordic in 1998, the Company, its Board of Directors, and its chief operation decision maker, have consistently looked to one Segment President to operate the combined filtration business efficiently and profitably; budgets and strategic plans have been prepared, reviewed and evaluated for the Filtration Products Segment as one segment, and the Segment President has taken various organizational actions to cause the subsidiaries to operate as one business.  Sales employees in the two North American units are encouraged and are paid financial incentives to sell products from either of the U.S. factories, Midwesco Filter or TDC, to any customer. Most recently, the North American marketing and sales function has been combined under one head of marketing and sales, North American operations have been combined under one head of operations, worldwide controllership has been placed under one worldwide
controller, and global sourcing and procurement has been placed under the direction of a single head of sourcing and procurement.  See attached organization announcements, Exhibit C. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Piping Systems reporting segment consists of one subsidiary:  Perma-Pipe, Inc.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Industrial Process Cooling Equipment reporting segment consists of  two subsidiaries (which have been retained as separate entities for the reasons set forth in the discussion for the Filtration Products segment):  Thermal Care Inc. and Boe-Therm A/S (&#147;Boe -Therm&#148;).  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><i><font size=2>Product and customer similarity:</font></i></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Although the Company&#146;s various subsidiaries may generally produce different products and have different customers within each reporting segment, products are of a similar nature and types or classes of customers are of a similar nature, which are the product and customer aggregation criteria of SFAS 131 paragraph 17.  Moreover, in many cases, the various products are produced by the same personnel using the same or similar processes in each reporting segment.  We draw your attention to the product and customer similarities by segment as they are described in the Company&#146;s original response and are repeated in Exhibit A.  In addition, the following responses focus on individual products and customers that appear in the Company&#146;s 10-K and/or in your current comment and describe how such products and customers are similar.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Filtration Products reporting segment&#146;s primary products are filter elements to remove particles from air in stationary applications.  The products are installed and used in filtration systems designed and built by others.  All the filter elements wear out and need to be replaced more frequently than the filtration system in which they are an integral part. The filter elements come in a variety of </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><img src="img5.gif"><br> <font size=2>Page </font>4</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>sizes, shapes, and filtration media, and are manufactured to custom specifications, as appropriate for the particles to be removed and the environment in which the particles are located. The Company&#146;s filter elements include knitted, woven or felted fabric filter bags, and cellulose or spun bond polyester pleated filter bags and cartridges. The Company also sells filter-related products and accessories for installation, operation, and maintenance of the filtration systems in which its filter elements are used.  The Filtration Products reporting segment&#146;s customers are all industrial companies, needing to remove different particles for different reasons &#150; generally to protect the air from a pollutant, but sometimes to protect machinery from damage or to capture a valuable product that exists in particle form during production.  Despite the superficial differences in products and customers, all of
the Filtration Products segment&#146;s products work to remove particles from air, with product differences that are significant for technological reasons but not significant financially.  All of the segment&#146;s customers need to remove particles from air in a stationary application, for purposes that differ in important ways for the customers but are not financially significant to the Company.  The Company cannot identify any operating results breakdown by sub-type of filter element or by type of customer that would improve the usefulness of its financial statements to the reader.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Piping Systems segment&#146;s engineered specialty piping systems include insulated systems and secondarily contained systems, manufactured in a wide variety of piping materials and diameters using a variety of insulating materials, each designed to carry a certain liquid and to withstand certain levels of temperature and pressure.  Cable-based leak detection systems are also generally sold as part of a piping system.  The Piping Systems segment&#146;s customers are contractors for industrial companies and operators of heating and air conditioning systems.  Each of the Company&#146;s piping systems must be engineered and manufactured to the specifications required by the application.  The pipe and insulating materials and sizes are only variations within the segment&#146;s product family, and the specific customer&#146;s reasons for needing for insulated pipe, though very important to
the customer, are not significant to the segment&#146;s financial results.  The Company cannot identify any operating results breakdown by piping material, size, insulating material, or type of customer that would improve the usefulness of its financial statements to the reader.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>The Industrial Process Cooling Equipment segment&#146;s products are cooling systems or portions of cooling systems. A system might be sold, or one or more portions of the system might be sold. A typical industrial cooling system might include one or more chillers, cooling towers, plant circulating systems, temperature control units, and water treatment equipment and accessories.  The chiller cools the water; the temperature control unit remove heat from the heat-generating industrial process, thereby heating the chilled water; the plant circulating system carries the chilled water from the chiller to the temperature controller and returns the heated water from the temperature controller to the cooling tower or chiller; the cooling tower facilitates efficient pre-cooling of the heated water before it returns to the chiller for further cooling.  Water treatment equipment and accessories
complete the system by providing needed protection of the equipment being cooled.   When used for commercial printing, the Company&#146;s products also include ink temperature control equipment. The Company has a comprehensive line of cooling products, and can and often does sell a complete cooling system.  On other occasions, the Company sells one or more parts of a cooling system to serve a customer&#146;s needs.  The Company also sells replacement parts for its equipment. All of these products comprise or are of a part of a cooling system.  Customers for the Company&#146;s cooling systems are all industrial companies.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<br>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><img src="img6.gif"><br> <font size=2>Page </font>5</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Although one customer&#146;s product is different from another customer&#146;s product, all of the Company&#146;s Industrial Process Cooling Equipment customers use the Company&#146;s products to cool a an industrial process to improve its efficiency and the quality of its product produced in that process.  </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>For all the reasons presented above, the Company believes its organization as three reporting segments has been and remains appropriate.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Very truly yours,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>MFRI, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Michael D. Bennett</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Vice President Chief Financial Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
