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<SEC-DOCUMENT>0000914122-09-000023.txt : 20090415
<SEC-HEADER>0000914122-09-000023.hdr.sgml : 20090415
<ACCEPTANCE-DATETIME>20090415171242
ACCESSION NUMBER:		0000914122-09-000023
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20090131
FILED AS OF DATE:		20090415
DATE AS OF CHANGE:		20090415

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:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32530
		FILM NUMBER:		09751875

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>form10k2008.htm
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SECURITIES AND EXCHANGE COMMISSION</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington, D.C. 20549
</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B>
<font SIZE=2>FORM 10-K</font></B></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="728" style='border-collapse:collapse'>
    <tr >

        <td width="32" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>X</font></p> </td>

        <td width="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="11" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><font size=2>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>For the fiscal year ended January 31, 2009</font></p> </td>

        <td width="42" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="42" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>OR</font></B></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><b><font size=2>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE </font></b></p> </td>

        <td width="42" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>ACT OF 1934</font></B></p> </td>

        <td width="42" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>For the transition period from </font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<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="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>to</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="4" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Commission File No. 0-18370</font></b></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MFRI, INC.</font></B></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Exact name of registrant as specified in its charter)</font></p> </td> </tr>
    <tr >

        <td  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Delaware</font></b></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>36-3922969</font></b></p> </td> </tr>
    <tr >

        <td  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(State or other jurisdiction of</font></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(I.R.S. Employer Identification No.)</font></p> </td> </tr>
    <tr >

        <td  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>incorporation or organization)</font></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>7720 N. Lehigh Avenue</font></b></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Niles, Illinois</font></b></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>60714</font></b></p> </td> </tr>
    <tr >

        <td  colspan="10" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>(Address of principal executive offices)</font></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(Zip Code)</font></p> </td> </tr>
    <tr style='height:6.15pt'>

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:6.15pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:6.15pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:6.15pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:6.15pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>(847) 966-1000</font></b></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>(Registrant&#146;s telephone number, including area code)</font></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>Securities registered pursuant to Section 12(b) of the Act:</font></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:.5in;text-indent:2.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Title of each Class&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name of each exchange on which registered</font></b></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Common Stock, $.01 per share&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The NASDAQ Stock Market, LLC</font></b></p>
<p style='margin-left:0pt;text-indent:168.0pt;margin-top:0pt;margin-bottom:0pt'><font size=1>Securities registered pursuant to Section 12(g) of the Act:</font></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>None</font></b></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Indicate by check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes /   /     No / x /</font></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   Yes /   /     No / x /</font></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  / x /     No /   /</font></p> </td> </tr>
    <tr style='height:5.05pt'>

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant&#146;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this FORM 10-K or any amendment to this FORM 10-K.   Yes  / x /     No /   /</font></p> </td> </tr>
    <tr style='height:5.05pt'>

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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  colspan="8" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of &#147;accelerated filer and large accelerated filer&#148; in Rule 12b-2 of the Exchange Act. (Check one):  </font></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Large accelerated filer /   /     Accelerated filer / x  /     Non-accelerated filer /  /     Smaller reporting company /  /</font></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of  The Exchange Act)  </font></p>
<p style='margin-left:0pt;text-indent:1.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Yes   <font face=Wingdings>o</font>     No  </font><font face=Wingdings>x</font></p> </td> </tr>
    <tr style='height:5.05pt'>

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:.5in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant (the exclusion of the market value of the shares owned by any person shall not be deemed an admission by the registrant that such person is an affiliate of the registrant) was $75,742,503 based on the closing sale price of $13.39 per share as reported on the NASDAQ Global Market on July 31, 2008.</font></p> </td> </tr>
    <tr style='height:5.05pt'>

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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>
    <tr style='height:5.05pt'>

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The number of shares of the registrant&#146;s common stock outstanding at April 8, 2009 was 6,815,420.</font></p> </td> </tr>
    <tr style='height:5.05pt'>

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:5.05pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DOCUMENTS INCORPORATED BY REFERENCE</font></B></p> </td> </tr>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="13" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Portions of the following document of the registrant are incorporated herein by reference:</font></b></p> </td> </tr>
    <tr >

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Document</font></b></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="3" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Part of FORM 10-K</font></b></p> </td>

        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="32" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="16" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="6" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proxy Statement for the 2009 annual meeting of stockholders.</font></p> </td>

        <td  colspan="3" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>III</font></p> </td>

        <td  colspan="2" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr>

        <td width="32" ></td>

        <td width="16" ></td>

        <td width="95" ></td>

        <td width="81" ></td>

        <td width="47" ></td>

        <td width="81" ></td>

        <td width="32" ></td>

        <td width="95" ></td>

        <td width="33" ></td>

        <td width="40" ></td>

        <td width="87" ></td>

        <td width="47" ></td>

        <td width="42" ></td> </tr> </table>
</div>

<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>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<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>FORM 10-K CONTENTS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>JANUARY 31, 2009</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="726" style='border-collapse:collapse'>
    <tr >

        <td width="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p ><b><font size=2>Item</font></b></p> </td>

        <td width="624" valign=top style='border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><b><font size=2>Page</font></b></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p ><font
size=2>Part 1</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>1.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Business</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>1</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  style='margin-left:.5in;text-indent:-20.85pt; '><font size=2>Company Profile </font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>1</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  style='margin-left:.5in;text-indent:-20.85pt; '><font size=2>Piping Systems Business </font>                                                                                                                                                                                                                                                                                                                                                                                                                                                  </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>2</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  style='margin-left:.5in;text-indent:-20.85pt; '><font size=2>Filtration Products Business</font>                                                                                                                                                                                                                                                                                                                                                                                                                                  </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>3</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  style='margin-left:.5in;text-indent:-20.85pt; '><font size=2>Industrial Process Cooling Equipment Business</font>                                                                                                                                                                                                                                                                                                         </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>4</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  style='margin-left:.5in;text-indent:-20.85pt; '><font size=2>Other Business</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>5</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Employees</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>6</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>International</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>6</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Executive Officers of the Registrant</font>                                                                                                                                                                                                                                                                                                                                                                                                  </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>6</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>1A.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Risk Factors</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>7</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>1B.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Unresolved Staff Comments</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                 </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>9</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>2.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Properties</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>9</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>3.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Legal Proceedings</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>10</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>4.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Submission of Matters to a Vote of Security Holders</font>                                                                                                                                                                                                                                                                                            </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>10</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Part II</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>5.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity</font><br> <font size=2>Securities</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td>

        <td width="46" valign=bottom style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>10</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>6.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Selected Financial Data</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>12</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>7.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>12</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>7A.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Quantitative and Qualitative Disclosures About Market Risk</font>                                                                                                                                                                                                                                             </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>23</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>8.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Financial Statements and Supplementary Data</font>                                                                                                                                                                                                                                                                                                                                     </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>23</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>9.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</font>                                                     </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>24</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>9A.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Controls and Procedures</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                          </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>9B.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Other Information</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>25</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Part III</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>10.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Directors, Executive Officers and Corporate Governance</font>                                                                                                                                                                                                                                                               </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>25</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>11.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Executive Compensation</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                       </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>25</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>12.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder </font><br> <font size=2>Matters</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p>
<p  align=right style='text-align:right'><font size=2>25</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>13.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Certain Relationships and Related Transactions, and Director Independence</font>                                                                                                                                           </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>25</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>14.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Principal Accountant Fees and Services</font>                                                                                                                                                                                                                                                                                                                                                                             </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>25</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Part IV</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>15.</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Exhibits and Financial Statement Schedules</font>                                                                                                                                                                                                                                                                                                                                                    </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>25</font></p> </td> </tr>
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        <td width="55" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="624" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td  colspan="2" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting</font>                         </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>26</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Report of Independent Registered Public Accounting Firm</font>                                                                                                                                                                                                                                                                                                              </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>27</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  ><font size=2>Signatures</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         </p> </td>

        <td width="46" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<p  align=right style='text-align:right'><font size=2>52</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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

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

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:left;'><b><font size=2>Forward Looking Statements</font></b><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Statements in this Form 10-K that are not historical facts, so-called "forward-looking statements," are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in MFRI&#146;s filings with the Securities and Exchange Commission (&#147;SEC&#148;). See "Risk Factors" in Item 1A.</font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="164" style='margin-left:0pt;border-collapse:collapse; '>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1.</font></b></p> </td>

        <td width="92" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>BUSINESS</font></B></p> </td> </tr></table>
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<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., collectively with its subsidiaries ("MFRI", the "Company" or the "Registrant"), is engaged in the manufacture and sale of products in three distinct business segments:  piping systems, filtration products and industrial process cooling equipment.  Corporate and other includes the installation of heating, ventilation and air conditioning (&#147;HVAC&#148;) systems.  The Company&#146;s fiscal year ends on January 31.  Years and balances described as 2008 and 2007 are the fiscal years ended January 31, 2009 and 2008, respectively.&nbsp; In the year ended January 31, 2009, no customer accounted for 10% or more of the Company's net 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>Information with respect to the Company's business segments is included in the following discussions of the separate business segments and in the financial statements and related notes thereto.</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;'><b><font size=2>MFRI, Inc.&#146;s Operating Units</font></b></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.jpg"><br> </p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><b><font size=2>Available Information</font></b></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>The Company files with, and furnishes to the SEC, reports including annual meeting materials, annual reports on Form&nbsp;10-K, quarterly reports on Form&nbsp;10-Q, and current reports on Form&nbsp;8-K, as well as amendments thereto.  The Company&#146;s maintains a website </font><u><font size=2>www.mfri.com.</font></u><font size=2>  These reports and related materials are available free of charge as soon
as reasonably</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>1</font>
</A></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;practicable after the Company electronically delivers such material to the SEC.  These materials can be found on the website under: Investor&#146;s Center&nbsp;&#151; SEC Filings.  The information on the Company&#146;s website is not part of this annual report on Form 10-K, and is not incorporated into this or any other filings by the Company with the SEC.</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;'><b><font size=2>Piping Systems Business</font></b></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;'><i><b><font size=2>Products and Services.</font></b></i><font size=2>  The Company engineers, designs, manufactures and sells specialty piping systems and leak detection and location systems.  Piping systems include (i) industrial and secondary containment piping systems for transporting chemicals, hazardous fluids and petroleum products, (ii) insulated and jacketed district heating and cooling (&#147;DHC&#148;) piping systems for efficient energy distribution to multiple locations from central energy plants, and (iii) oil and gas gathering flow lines and long lines for oil and mineral transportation.  The Company's leak detection and location systems are sold as part of many of its piping systems, and on a stand-alone basis to monitor areas where fluid intrusion may contaminate the environment, endanger personal safety, cause a fire hazard, impair essential services or damage equipment or property.</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 Company's piping systems are frequently custom fabricated to job site dimensions and/or incorporate provisions for thermal expansion due to varying temperatures.  This custom fabrication helps to minimize the amount of field labor required by the installation contractor.  Most of the Company's piping systems are produced for underground installations and, therefore, require trenching, which is done by unaffiliated installation contractors.</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;'><i><b><font size=2>Marketing.</font></b></i><font size=2>  The customer base for the Company's piping systems products is industrially and geographically diverse.  In the United States (&#147;U.S.&#148;) the Company employs a national sales manager and regional sales managers who use and assist a network of independent manufacturers' representatives, none of whom sells products that are competitive with the Company's piping systems.  Globally, the Company employs direct sales force as well as an exclusive agent network for several countries in the Middle and Far East to market and sell products and services.</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;'><i><b><font size=2>Patents and Trademarks.</font></b></i><font size=2>  The Company owns several patents covering its piping and electronic leak detection systems.  The patents are not material either individually or in the aggregate to the overall business because the Company believes sales in the business would not be materially reduced if patent protection were not available.  The Company owns numerous trademarks connected with its piping and leak detection systems business including the following: Perma-Pipe&reg;, Chil-Gard&reg;, Double-Quik&reg;, Escon-A&reg;, FluidWatch&reg;, Galva-Gard&reg;, Poly-Therm&reg;, Pal-AT&reg;, Stereo-Heat&reg;, LiquidWatch&reg;, PalCom&reg;, Xtru-therm&reg;, Auto-Therm&reg;, Pex-Gard&#153;, and Ultra-Therm&reg;.  The Company also owns United Kingdom trademarks for Poly-Therm&reg;, Perma-Pipe&reg; and Ric-Wil&reg;, Denmark trademark for Ric-Wil&reg;, France trademark for Perma-Pipe&reg;,
Germany trademark for Perma-Pipe&reg; and a Canadian trademark for Ric-Wil&reg;.</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;'><i><b><font size=2>Backlog.</font></b></i><font size=2>  As of January 31, 2009, the backlog (uncompleted firm orders) amount was $52,385,000, substantially all of which is expected to be completed in 2009.  As of January 31, 2008, the amount of backlog was $65,810,000.</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;'><i><b><font size=2>Raw Materials.</font></b></i><font size=2>  The basic raw materials used in the production of products are pipes and tubes made of carbon steel, alloy, copper, ductile iron and plastics and various chemicals such as polyols, isocyanate, urethane resin, polyethylene and fiberglass, mostly purchased in bulk quantities.  The Company believes there are currently adequate supplies or sources of availability of the needed raw materials.</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 sensor cables used in the leak detection and location systems are manufactured to the Company's specifications by companies regularly engaged in the business of manufacturing such cables.  The Company owns patents for some of the features of its sensor cables.  The Company assembles the monitoring component of the leak detection and location system from standard components purchased from many 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;'><i><b><font size=2>Competition.</font></b></i><font size=2>  The piping systems business is highly competitive.  The Company believes its principal competition in this segment consists of</font><font face="Arial" size=2> </font><font size=2>between ten and twenty major competitors and more small competitors.  The Company believes quality, service, a comprehensive product line and price are the key competitive factors.  The Company also believes it has a more comprehensive line for DHC than any of its competitors.  Certain competitors of the Company have greater financial resources and some have cost advantages as a result of manufacturing a limited range of products.</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:center;'><A NAME="PAGENUM"><font size=2>2</font>
</A></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;'><i><b><font size=2>Government Regulation.</font></b></i><font size=2>  The demand for the Company's leak detection and location systems and secondary containment piping systems, a small percentage of the total annual piping sales, is driven by federal and state environmental regulation with respect to hazardous waste.  The Federal Resource Conservation and Recovery Act require, in some cases, that the storage, handling and transportation of certain fluids through underground pipelines feature secondary containment and leak detection.  The National Emission Standard for Hydrocarbon Airborne Particulates requires reduction of airborne volatile organic compounds and fugitive emissions.  Under this regulation, many major refineries are required to recover fugitive vapors and dispose of the recovered material in a process sewer system, which then becomes a hazardous secondary waste system that must be contained.  Although there
can be no assurances as to the ultimate effects of these governmental regulations, the Company believes it may increase the demand for its piping systems products.</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;'><b><font size=2>Filtration Products Business</font></b></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;'><i><b><font size=2>Products and Services.</font></b></i><font size=2>  The Company manufactures and sells a wide variety of filter elements for cartridge collectors and baghouse air filtration and particulate collection systems.  The principal types of industrial air filtration and particulate collection systems in use are baghouses, cartridge collectors, electrostatic precipitators, scrubbers and mechanical collectors.  This equipment is used to eliminate particulate from the air by passing particulate laden gases through fabric filters (filter bags) or pleated media filter elements, in the case of baghouses or cartridge collectors, between electrically charged collector plates, in the case of electrostatic precipitators and contact with liquid reagents (scrubbers).  The Company manufactures filter elements in standard industry sizes, shapes and filtration media and to custom specifications, maintaining manufacturing
standards for more than 10,000 styles of filter elements to suit substantially all industrial applications.  Filter elements are manufactured from industrial yarn, fabric and paper purchased in bulk.  Most filter elements are produced from cellulose, acrylic, fiberglass, polyester, aramid, laminated membranes, or polypropylene fibers.  The Company also manufactures filter elements from more specialized materials, sometimes using special finishes.</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 Company markets numerous filter-related products and accessories used during the installation, operation and maintenance of cartridge collectors and baghouses, including wire cages used to support filter bags, spring assemblies for proper tensioning of filter bags and clamps and hanger assemblies for attaching filter elements.  In addition, the Company markets other hardware items used in the operation and maintenance of cartridge collectors and baghouses.  The Company also provides maintenance services, consisting primarily of air filtration system inspection and filter element replacement, using a network of independent contractors.</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>Over the past three years, the Company's filtration products business has supplied filter elements to more than 4,000 user locations.  The Company has particular expertise in supplying filter bags for use with electric arc furnaces in the steel industry.  The Company believes its production capacity and quality control procedures make it a leading supplier of filter bags to large users in the electric power industry.  Orders from the electric power industry tend to be substantial in size, but are usually at lower margins than from other industries.</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;'><i><b><font size=2>Marketing.</font></b></i><font size=2>  The customer base is industrially and geographically diverse. These products and services are used primarily by operators of utility and industrial coal-fired boilers, incinerators and cogeneration plants and by producers of metals, cement, chemicals and other industrial products.</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 Company has an integrated sales program for its filtration products business, which consists of field-based sales personnel, manufacturers' representatives, a telemarketing operation and computer-based customer information systems.  The Company believes the computer-based information systems are instrumental in increasing sales of filter-related products and accessories and maintenance services, as well as sales of filter elements.  The Company&#146;s filtration products are marketed domestically under the names, Midwesco Filter and TDC Filter Manufacturing.</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 Company markets its U.S. manufactured filtration products internationally using domestically based sales resources to target major users in foreign countries.  The Denmark filtration facility markets pleated filter elements throughout Europe and Asia, primarily to original equipment manufacturers.</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;'><i><b><font size=2>Trademarks.</font></b></i><font size=2>  The Company owns the following trademarks covering its filtration products:  Seamless Tube&reg;, Leak Seeker&reg;, Prekote&reg;, We Take the Dust Out of Industry&reg;, Pleatkeeper&reg;, Pleat Plus&reg; and EFC&reg;.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>3</font>
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<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;'><i><b><font size=2>Backlog.</font></b></i><font size=2>  The backlog amount was $35,549,000 at January 31, 2009 and $38,160,800 at January 31, 2008.  Certain customers have placed orders that are deliverable over multiple years.  Therefore, approximately $9,109,000 of the backlog as of January 31, 2009 is not expected to be completed in 2009.</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;'><i><b><font size=2>Raw Materials.</font></b></i><font size=2>  The basic raw materials used are industrial fibers and media supplied by leading producers of such materials.  The majority of raw materials purchased are woven fiberglass fabric, yarns for manufacturing Seamless Tube&reg; products and other woven, felted, spun bond, laminated membranes, and cellulose media. Only a limited number of suppliers are available for some of these materials.  The Company believes supplies of all materials are adequate to meet current demand.</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;'><i><b><font size=2>Competition.</font></b></i><font size=2>  The filtration products business is highly competitive.  In addition, new installations of cartridge collectors and baghouses are subject to competition from alternative technologies.  The Company believes, based on domestic sales, its principal competitors in this segment consist of approximately five major competitors and at least 50 smaller competitors, most of which are doing business on a regional or local basis.  In Europe, several companies supply filtration products, and the Company is a relatively small participant in that market.  Some of the Company's competitors have greater financial resources than the Company.</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 Company believes quality, service, and price are the most important competitive factors in its filtration products business.  Often, a manufacturer has a competitive advantage when its products have performed successfully for a particular customer in the past.  Additional effort is required by a competitor to market products to such a customer.  In certain applications, the Company's proprietary Seamless Tube&reg; product and customer support provide the Company with a competitive advantage.  Certain competitors may have a competitive advantage with respect to their own proprietary products and processes, such as specialized fabrics and fabric finishes.  In addition, some competitors may have cost advantages with respect to certain products as a result of lower wage rates and/or greater vertical integration.</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;'><i><b><font size=2>Government Regulation</font></b></i><font size=2>.  The Company's filtration products business is substantially dependent upon governmental regulation of air pollution at the federal and state levels.  Federal clean air legislation requires compliance with national primary and secondary ambient air quality standards for specific pollutants, including particulate.  The states are primarily responsible for implementing these standards and, in some cases, have adopted more stringent standards than those issued by the U.S. Environmental Protection Agency under the Clean Air Act Amendments of 1990 ("Clean Air Act&#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;'><b><font size=2>Industrial Process Cooling Equipment Business</font></b></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;'><i><b><font size=2>Products and Services.  </font></b></i><font size=2>The Company engineers, designs, manufactures and sells cooling and temperature control equipment for industrial applications.  The Company believes it manufactures the most complete line of chillers available in its primary markets.  Products include: chillers (portable and central); cooling towers; plant circulating assemblies; hot water, hot oil, and negative pressure temperature controllers; water treatment equipment; specialty cooling devices for printing presses and ink management; and replacement parts and various accessories relating to the foregoing products.  The Company's products are used to optimize manufacturing productivity by quickly removing heat from manufacturing processes and providing accurate temperature control.  The Company combines chillers and/or cooling towers with plant circulating systems to create plant-wide systems that
account for a large portion of its business.  The Company specializes in customizing cooling systems and computerized controls according to customer specifications.</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 principal markets for the Company&#146;s cooling and temperature control products are thermoplastics processing and the printing industries.  The Company also sells its products to original equipment manufacturers, to other cooling manufacturers on a private branded basis and to manufacturers in the laser, metallizing, machine tool industries, and various other industries.</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;'><i><b><font size=2>Marketing.</font></b></i><font size=2>  Generally, the Company sells its products in the global thermoplastics and printing markets as well as to other industrial applications that require specialized heat transfer equipment.  Domestic thermoplastics processors are the largest market served by the Company, representing the core of its business.  The Company's cooling products are sold through independent manufacturers' representatives on an exclusive territory basis.  Temperature control products are sold through a network of independent dealers/distributors in major industrial markets.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Company believes the total annual U.S. market for water cooling equipment in the plastics industry is over $100 million, and the Company is one of the three largest suppliers of such equipment to the plastics industry.  The Company believes the plastics industry is a mature industry with growth generally consistent with that of the national economy.  The Company has increased sales to non-plastics industries that require specialized heat transfer equipment, usually sold to end users as a package by the supplier of the primary equipment, particularly in the laser industry, metallizing industry, and machine tool industries.  The Company believes the size of this market is more than $200 million annually.  The original equipment manufacturer generally distributes products to the end user in these markets.</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;'><i><b><font size=2>Trademarks.</font></b></i><font size=2>  The Company has registered the trademarks Thermal Care&reg;, AWS&reg; and Applied Web Systems&reg;.</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;'><i><b><font size=2>Backlog.</font></b></i><font size=2>  As of January 31, 2009, the backlog amount was $3,835,000, substantially all of which is expected to be completed in 2009.  As of January 31, 2008, the amount of backlog was $6,315,000. </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;'><i><b><font size=2>Raw Materials.</font></b></i><font size=2>  The Company uses prefabricated sheet metal and subassemblies manufactured by both Thermal Care and outside vendors for temperature controller fabrication.  Cooling towers are manufactured using fiberglass and hardware components purchased from several sources.  The Company believes its access to sheet metal, subassemblies, fiberglass and hardware components is adequate.</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;'><i><b><font size=2>Competition.</font></b></i><font size=2>  The Company believes there are about 15 competitors selling cooling equipment in the domestic plastics market. The Company further believes three manufacturers, including the Company, account for approximately 50% of the domestic plastics cooling equipment market.  Many international customers, with relatively small cooling needs, are able to purchase small refrigeration units (portable chillers), which are manufactured in their respective local markets at prices below that which the Company can offer due to issues such as freight cost and customs duties.  However, such local manufacturers often lack the technology and products needed for plant-wide cooling systems.  The Company believes its reputation for producing quality plant-wide cooling products results in a significant portion of the Company&#146;s business in the cooling product area.  Temperature control
units, which are sold globally, compete with both local and European manufacturers.  The quality, reliability, features and range of temperature control applications addressed by the Company&#146;s products provide a competitive advantage.</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 Company believes quality, service, a comprehensive product line and price are the key competitive factors in its industrial process cooling equipment business.  The Company believes it has a more comprehensive line of cooling products than any of its competitors.  Certain competitors of the Company have cost advantages as a result of manufacturing in non-union shops and offering a limited range of products.  Some of the Company's competitors may have greater financial resources than the Company.</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;'><i><b><font size=2>Government Regulation.</font></b></i><font size=2>  The Company does not expect compliance with federal, state and local provisions regulating the discharge of materials into the environment or otherwise relating to the protection of the environment to have a material effect on capital expenditures, earnings or the Company&#146;s competitive position.  Management is not aware of the need for any material capital expenditures for environmental control facilities for the foreseeable future.  Regulations, promulgated under the Clean Air Act, prohibit the manufacture and sale of certain refrigerants.  The Company does not use these refrigerants in its products.  The Company expects that suitable refrigerants conforming to federal, state and local laws and regulations will continue to be available to the Company, although no assurances can be given as to the ultimate effect of the Clean Air Act and related
laws on the Company.</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;'><b><font size=2>Other Business</font></b></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>Corporate and other activity includes activity for the installation of HVAC systems.  This activity is not sufficiently large enough to constitute a reportable segment.  During 2008, this subsidiary&#146;s net sales were $14,142,000, 4.7% of consolidated net 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;'><i><b><font size=2>Backlog.</font></b></i><font size=2>  At January 31, 2009, the backlog amount for other business was $16,051,000, substantially all of which is expected to be completed in 2009 and was $33,179,000 at January 31, 2008.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>5</font>
</A></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;'>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Employees</font></b></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>As of February 28, 2009, the Company had 1,501 full-time employees, of whom 51.5% worked outside the U.S.</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;'><b><font size=2>International</font></b></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 Company&#146;s international operations as of January 31, 2009 include subsidiaries in four foreign countries on three continents.  The Company&#146;s international operations contributed approximately 30.7% of revenues in 2008 and 20.6% of revenues in 2007.</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>Refer to the Business Segment descriptions on pages&nbsp;1 through 5 above and Note 1 - Description of the Business and Segment Information in
the Notes to Consolidated Financial Statements for additional information on international activities. International operations are subject to certain risks inherent in conducting business in foreign countries, including price controls, exchange controls, limitations on participation in local enterprises, nationalization, expropriation and other governmental action, and changes in currency exchange rates.</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>Executive Officers of the Registrant</font></b></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 following table set forth information regarding the executive officers of the Company as of April 8, 2009:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="739" style='border-collapse:collapse'>
    <tr >

        <td width="139" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p ><b><font size=2>Name</font></b></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p ><b><font size=2>Offices and Positions, if any, held with the Company; Age</font></b></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><b><font size=2>Executive Officer of the Company or its Predecessor since</font></b></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>David Unger</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>Director, Chairman of the Board, and Chief Executive Officer of the Company; Age 74</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>1972</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Bradley E. Mautner</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>Director, President and Chief Operating Officer of the Company; Age 53</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>1994</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Michael D. Bennett</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>Vice President, Chief Financial Officer, Secretary and Treasurer; Age 64</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>1989</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Timothy P. Murphy</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>Vice President; Age 59</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>2008</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Fati A. Elgendy</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>President, Perma-Pipe; Age 60</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>1990</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Billy E. Ervin</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>Vice President; Age 63</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>1986</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Robert A. Maffei</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>Vice President; Age 61</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>1987</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>John Mark Foster</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>President, Midwesco Filter; Age 47</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>2008</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Stephen C. Buck</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>President, Thermal Care; Age 60</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>2007</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Thomas A. Benson</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>Vice President; Age 55</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>1988</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="139" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Edward A. Crylen</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt; '><font size=1>&nbsp;</font></p> </td>

        <td width="384" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:14.6pt;text-indent:-13.5pt'><font size=2>President, Midwesco Mechanical and Energy; Age 57</font></p> </td>

        <td width="36" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="144" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  align=right style='text-align:right'><font size=2>2006</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:left;'><font size=2>All of the executive officers serve at the discretion of the Board of Directors.</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;'><b><font size=2>David Unger</font></b><font size=2>, Chairman of the Board of Directors and Chief Executive Officer since 1989; President from 1994 until 2004.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>6</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Bradley E. Mautner,</font></b><font size=2> President and Chief Operating Officer since December 2004; Executive Vice President from December 2002 to December 2004;Vice President from December 1996 through December 2002; Director since 1995.  Bradley E. Mautner is the son of Henry M. Mautner, a director.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Michael D. Bennett, </font></b><font size=2>Chief Financial Officer and Vice President since August 1989.</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;'><b><font size=2>Timothy P. Murphy, </font></b><font size=2>Vice President of Human Resources (&#147;HR&#148;) since 2008.  Prior to joining the Company, Mr. Murphy spent 28 years as a business consultant in roles
including Principle Partner of Murphy &amp; Hill Consulting, Managing Director of the Bay Area office of RHR, International and Consultant with YSC, Ltd.&nbsp; Mr. Murphy
previously consulted to the Company from 1985 to 2008.</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;'><b><font size=2>Fati A. Elgendy</font></b><font size=2>, President and Chief Operating Officer of Perma-Pipe since March 1995.</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;'><b><font size=2>Billy E. Ervin,</font></b><font size=2> Vice President, Director of Production of Perma-Pipe since 1986.</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;'><b><font size=2>Robert A. Maffei,</font></b><font size=2> Vice President, Director of Sales and Marketing of Perma-Pipe since August 1996.</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;'><b><font size=2>John Mark Foster, </font></b><font size=2>President of Midwesco Filter since 2008.  Mr. Foster previously worked at Saint-Gobain in the areas of industrial/project engineering and plant management, followed by positions in market management, human resources and a series of North American and European general management assignments.  Saint-Gobain is a Paris, France based public, multi-national company that provides a wide range of high performance materials and products to industrial customers worldwide.</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;'><b><font size=2>Stephen C. Buck, </font></b><font size=2>President</font><b><font size=2> </font></b><font size=2>of Thermal Care since 2007.  Mr. Buck joined Thermal Care after a 22 year career most recently as President - Safety Products Group with Federal Signal Corporation (NYSE: FSS), which manufactures and markets products to industrial and municipal customers worldwide.&nbsp; Prior to his employment with Federal Signal Corporation, Mr. Buck held various positions in marketing and management for companies in computer hardware/software, oil field services and telecommunications.</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;'><b><font size=2>Thomas A. Benson,</font></b><font size=2> Vice President Sales and Marketing of Thermal Care since May 1988.</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;'><b><font size=2>Edward A. Crylen, </font></b><font size=2>President and Chief Operating Officer of Midwesco Mechanical and Energy, since its formation in December 2006.  From 1989 to December 2006, he was President of the Midwesco Mechanical and Energy a division of Midwesco, Inc. (affiliate) that was primarily owned by two principal stockholders who
were also members of management. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="173" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 1A.</font></b></p> </td>

        <td width="101" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Risk Factors</font></b></p> </td> </tr></table>
</div>

<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;'><i><b><font size=2>Competition.</font></b></i><font size=2>  The businesses in which the Company is engaged are highly competitive.  Many of the competitors are larger and have more resources than the Company.  Many of the Company&#146;s products are also subject to competition from alternative technologies and alternative products.  To the extent the Company relies upon a single source for key components of several of its products, the Company believes there are alternate sources available for such components; however, there can be no assurance that the interruption of supplies of such components would not have an adverse effect on the financial condition of the Company, and that the Company, if required to do so, would be able to negotiate agreements with alternative sources on acceptable terms.</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;'><i><b><font size=2>International rapid growth.  </font></b></i><font size=2>Potential international future rapid growth could place a significant strain on management, operations and financial systems as well as on the Company&#146;s ability to attract and retain competent employees.  Future operating results will depend in part on the Company&#146;s ability to continue to implement and improve operating and financial controls and management information systems.  Failure to effectively manage growth could materially adversely impact the business, financial conditions and results of 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;'><i><b><font size=2>Changes in Government Policies and Laws, Worldwide Economic Conditions</font></b></i><font size=2>.  International sales represent an increasing portion of the Company&#146;s total sales and continued growth and profitability may involve further international expansion.  The Company&#146;s financial results could be affected by changes in trade, monetary and fiscal policies, laws and regulations, or other activities of U.S. and non-U.S. governments, agencies and similar organizations.  These conditions include but are not limited to changes in a country&#146;s or region&#146;s economic or </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:center;'><A NAME="PAGENUM"><font size=2>7</font>
</A></p>

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

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

<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:left;'><font size=2>
political conditions, trade regulations affecting production, pricing and marketing of products, local labor conditions and regulations, reduced protection of intellectual property rights in some countries, changes in the regulatory or legal environment, restrictions on currency exchange activities, burdensome taxes and tariffs and other trade barriers.  International risks and uncertainties, including changing social and economic conditions as well as terrorism, political hostilities and war, could lead to reduced international sales and reduced profitability associated with such 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;'><i><b><font size=2>Government regulation.</font></b></i><font size=2>  The demand for the Company&#146;s leak detection and location systems and secondary containment piping systems is driven primarily by government regulation with respect to hazardous waste.  Laws such as the Federal Resource Conservation and Recovery Act and standards such as the National Emission Standard for Hydrocarbon Airborne Particulates have increased the demand for the Company&#146;s leak detection and location and secondary containment piping systems.  The Company&#146;s filtration products business, to a large extent, is dependent on governmental regulation of air pollution at the federal and state levels.  The Company believes that continuing growth in the sale of filtration products and services will be materially dependent on continuing enforcement of environmental laws such as the Clean Air Act. Although changes in such environmental
regulations could significantly alter the demand for the Company&#146;s products and services, the Company does not believe such a change is likely to decrease demand in the foreseeable future.</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;'><i><b><font size=2>Economic Factors</font></b></i><font size=2>. The current economic slowdown and recession in the U.S. and worldwide economies is likely to further decrease the demand for products and adversely affect sales.  Because economic and market conditions vary within the Company&#146;s business segments, the Company&#146;s future performance by business segment will also vary.  In addition, the Company is exposed to fluctuations in currency exchange rates and commodity prices.  Failure to successfully manage any of these risks could have an adverse impact on the Company&#146;s financial position, results of operations and cash flows.</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>Also, the cash surrender value of life insurance policies owned by the Company for the purpose of recovering the costs of deferred compensation programs for several current officers of the Company is affected by the market value of the underlying investments.  Adverse market conditions may result in a decline in the cash surrender value of these life insurance policies, which would result in a non-cash expense&nbsp;that would reduce net income.</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;'><i><b><font size=2>Customer Access to Capital Funds. </font></b></i><font size=2>Uncertainty about current economic market conditions in the U.S. and globally poses risks that the Company&#146;s customers may postpone spending for capital improvement and maintenance projects in response to tighter credit markets or negative financial news which could have a material negative effect on the demand for the Company&#146;s products.</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;'><i><b><font size=2>Backlog. </font></b></i><font size=2>The Company defines backlog as the revenue value in dollars attributed to confirmed customer purchase orders that have not yet been recognized as revenues.  However, by industry practice, orders may be canceled or modified at any time.  When a customer cancels an order, the customer is responsible for all finished goods, all direct and indirect costs incurred, and also for a reasonable allowance for anticipated profits.  No assurance can be given that these amounts will be received after cancellation.  The current backlog also includes contracts which have scheduled shipping dates beyond the upcoming fiscal year and, as such, only a portion of the current backlog represents expected annual revenues for 2009.  Any cancellation or delay in orders may result in lower than expected revenues.</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;'><i><b><font size=2>Financing. </font></b></i><font size=2> If there were an event of default under the Company&#146;s current revolving credit facility, the holders of the defaulted debt could cause all amounts outstanding with respect to that debt to be due and payable immediately.  The Company cannot assure that the assets or cash flow would be sufficient to fully repay amounts due under any of the financing arrangements, if accelerated upon an event of default, or, that the Company would be able to repay, refinance or restructure the payments under any such arrangements.  Complying with the covenants under the Company&#146;s revolving credit facility may limit management&#146;s discretion by restricting options such as:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</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:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>incurring additional debt;</font></p> </td> </tr></table>
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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:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>entering into certain transactions with affiliates;</font></p> </td> </tr></table>
</div>



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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>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>making investments or other restricted payments;</font></p> </td> </tr></table>
</div>



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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:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>paying dividends or make other distributions; and </font></p> </td> </tr></table>
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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:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>creating liens.</font></p> </td> </tr></table>
</div>


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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>8</font>
</A></p>

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

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

<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:left;'><font size=2>Any additional financing the Company may obtain could contain similar or more restrictive covenants. The Company&#146;s ability to comply with any covenants may be adversely affected by general economic conditions, political decisions, industry conditions and other events beyond management&#146;s control.</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;'><i><b><font size=2>Percentage-of-completion method of accounting.</font></b></i><font size=2> The Company measures and recognizes a portion of revenue and profits under the percentage-of-completion accounting methodology.  This methodology allows revenue and profits to be recognized proportionally over the life of a contract by comparing the amount of the cost incurred to date against the total amount of cost expected to be incurred.  The effect of revisions to revenue and total estimated cost is recorded when the amounts are known and can be reasonably estimated.  These revisions can occur at any time and could be material.  On a historical basis, management believes that reasonably reliable estimates of the progress towards completion on long term contracts have been made.  However, given the uncertainties associated with these types of contracts, it is possible for actual cost to vary from estimates previously made,
which may result in reductions or reversals of previously recorded revenue and profits.</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;'><i><b><font size=2>Internal Controls</font></b></i><font size=2>. As a public company, the Company is required to comply with the reporting obligations of the Securities Exchange Act of 1934 and is required to comply with Section 404 of the Sarbanes-Oxley Act (&#147;SOX 404&#148;).  The Company&#146;s failure to prepare and disclose this information in a timely manner could subject it to penalties under Federal securities laws, expose it to lawsuits and restrict its ability to access financing.  If the Company fails to achieve and maintain the adequacy of internal controls, and the Company, or its auditors, are unable to assert that the Company&#146;s internal control over financial reporting is effective, the Company could be subject to regulatory sanctions or lose investor confidence in the accuracy and completeness of the financial reports.  In addition, the Company has experienced, and may experience, incremental costs
of compliance with SOX 404.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:justify;'><font face="Arial" 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'><b><font size=2>Item 1B.</font></b></p> </td>

        <td width="199" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Unresolved Staff Comments</font></b></p> </td> </tr></table>
</div>

<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>None</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'><b><font size=2>Item 2.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PROPERTIES</font></B></p> </td> </tr></table>
</div>


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

<p style=' margin-bottom:4pt; margin-top:0pt;text-align:left;'><u><b><font size=2>Piping Systems Business</font></b></u></p>


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        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Louisiana</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Owned Production Facilities and Leased land</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>18,900 square feet</font></p> </td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Tennessee</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Owned Production Facilities and Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>131,800 square feet on approximately 23.5
acres</font></p> </td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>United Arab Emirates</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Leased Production Facilities and Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>117,900 square feet on 16 acres</font></p> </td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>India</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Production Facilities on the premises of Jindal Saw Ltd.  Leased Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>100,000 square feet</font></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:4pt; margin-top:0pt;text-align:left;'><u><b><font size=2>Filtration Products Business</font></b></u></p>


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        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<font size=2>Illinois</font></td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<font size=2>&nbsp;&nbsp;&nbsp; Bolingbrook - Owned Production Facilities<br>
&nbsp;&nbsp;&nbsp; and Office Space<br>
<br>
&nbsp;&nbsp; Cicero &#150; Owned former Production Facilities<br>
&nbsp;&nbsp; and Office Space currently idle</font></td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<font size=2>&nbsp;&nbsp;&nbsp;&nbsp; 101,500 square feet on 5.5 acres<br>
<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp; 130,700 square feet on 2.8 acres</font></td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p
><font size=2>Virginia</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Owned Production Facilities </font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>97,500 square feet on 5.0 acres</font></p> </td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Leased Production and Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>67,000 square feet</font></p> </td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Denmark</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Owned Production Facilities and Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>69,800 square feet on 3.5 acres</font></p> </td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>South Africa</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Leased Production Facilities and Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>24,800 square feet </font></p> </td> </tr></table>
</div>

<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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>9</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

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</DIV>

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

<p style=' margin-bottom:4pt; margin-top:0pt;text-align:left;'><u><b><font size=2>Industrial Process Cooling Equipment Business</font></b></u></p>


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        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Illinois</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Owned Production Facilities and Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>88,000 square feet on 8.1 acres</font></p> </td> </tr>
    <tr >

        <td width="144" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p ><font size=2>Denmark</font></p> </td>

        <td width="264" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:8.1pt'><font size=2>Owned Production Facilities and Office Space</font></p> </td>

        <td width="318" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p  style='margin-left:12.6pt'><font size=2>16,500 square feet</font></p> </td> </tr></table>
</div>

<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 Company's principal executive offices, which occupy approximately 43,000 square feet of space in Niles, Illinois, are owned by the Company.  The Company believes its properties and equipment are well maintained and in good operating condition and that productive capacities will generally be adequate for present and currently anticipated needs.</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 Company has two significant lease agreements as follows:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Production facilities and office space of approximately 117,900 square feet in the United Arab Emirates, (&#147;U.A.E.&#148;) are leased for the period July 1, 2005 to June 30, 2012.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Production facilities and office space of approximately 67,000 square feet in Virginia are leased through July 31, 2010.  The Company has the option to extend the lease term for three years at a rate agreed upon between the Company and the Lessor.</font></p> </td> </tr></table>
</div>


<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>For further information see Note 6 - Lease Information,
in the Notes to Consolidated Financial Statements.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 3.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>LEGAL PROCEEDINGS</font></B></p> </td> </tr></table>
</div>


<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 Company had no pending litigation material to its business.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 4.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></B></p> </td> </tr></table>
</div>


<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>None. </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;'><B><font SIZE=2>PART II</font></B></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 5.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</font></B></p> </td> </tr></table>
</div>


<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 Company&#146;s fiscal year ends on January 31.  Years and balances described as 2008, 2007, 2006, 2005, and 2004 are the fiscal years ended January 31, 2009, 2008, 2007, 2006, and 2005, respectively.</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 Company's Common Stock is traded on the Nasdaq Global Market under the symbol "MFRI".  The following table sets forth, for the periods indicated, the high and low Common Stock sale prices as reported by the Nasdaq Global Market for 2008 and for 2007.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="719" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="512" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><b><font size=2>2008</font></b></p> </td>

        <td width="30" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><b><font size=2>High</font></b></p> </td>

        <td width="30" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><b><font size=2>Low</font></b></p> </td> </tr>
    <tr >

        <td width="512"
valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>First Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>16.73</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>13.91</font></p> </td> </tr>
    <tr >

        <td width="512" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Second Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>18.00</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>11.12</font></p> </td> </tr>
    <tr >

        <td width="512" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Third Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>13.76</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>6.60</font></p> </td> </tr>
    <tr >

        <td width="512" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Fourth Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>8.79</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>4.25</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="718" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="512" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><b><font size=2>2007</font></b></p> </td>

        <td width="30" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><b><font size=2>High</font></b></p> </td>

        <td width="30" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><b><font size=2>Low</font></b></p> </td> </tr>
    <tr >

        <td width="512" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>First Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>19.94</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>17.51</font></p> </td> </tr>
    <tr >

        <td width="512" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Second Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>31.21</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>18.40</font></p> </td> </tr>
    <tr >

        <td width="512" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Third Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>27.81</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>16.05</font></p> </td> </tr>
    <tr >

        <td width="512" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Fourth Quarter</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>16.74</font></p> </td>

        <td width="30" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>10.56</font></p> </td> </tr></table>
</div>

<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>As of March 15, 2009, there were approximately 76 stockholders of record.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>10</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<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>STOCK PRICE PERFORMANCE GRAPH</font></B></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 Stock Price Performance Graph compares the yearly dollar change in the Company&#146;s cumulative total stockholder return on its Common Stock with the cumulative total returns of the Nasdaq Market Index (the &#147;Nasdaq Index&#148;), the Russell 2000 Index and the S &amp; P 600 Small Cap index.  The Company has selected these indices because they include companies with similar market capitalizations to the Company, as the most appropriate comparisons because the Company has three distinctly different business segments and no industry &#147;peer&#148; group is comparable to the Company.  The comparison assumes $100.00 investments on January 31, 2004 in the Company&#146;s Common Stock, the Nasdaq Index, the Russell 2000 Index, and the S &amp; P 600 Small Cap index and further assumes reinvestment of dividends.</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>COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Among MFRI, Inc., The NASDAQ Composite Index,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>The S&amp;P Smallcap 600 Index and The Russell 2000 Index</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<img src="img2.jpg" width="605" height="369"><br> </p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="772" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="243" nowrap valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="529" nowrap valign=top >
<p ><font size=2>*$100 invested on 1/31/04 in stock or index, including reinvestment of dividends.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="772" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="243" nowrap valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="529" nowrap valign=top >
<p ><font size=2>Fiscal year ending January 31.</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="781" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="241" nowrap valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="540" nowrap valign=top >
<p ><font size=2>Copyright&copy; 2009 S&amp;P, a division of the McGraw-Hill Companies Inc.  All rights reserved.</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="726" style='margin-left:.9pt;border-collapse:collapse; '>
    <tr style='height:10.5pt'>

        <td width="240" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size=2>&nbsp;</font></p> </td>

        <td width="18" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size=2>&nbsp;</font></p> </td>

        <td width="78" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>
<font size=2>1/04</font></b></p> </td>

        <td width="78" nowrap valign=bottom style='border-bottom:
solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>
<font size=2>1/05</font></b></p> </td>

        <td width="78" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>
<font size=2>1/06</font></b></p> </td>

        <td width="78" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>
<font size=2>1/07</font></b></p> </td>

        <td width="78" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>
<font size=2>1/08</font></b></p> </td>

        <td width="78" nowrap valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b>
<font size=2>1/09</font></b></p> </td> </tr>
    <tr style='height:10.5pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<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 width="18" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<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="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>100.00</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>325.20</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>245.93</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>776.42</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>649.59</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>201.22</font></p> </td> </tr>
    <tr style='height:10.5pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size=2>NASDAQ Composite</font></p> </td>

        <td width="18" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<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="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>100.00</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>76.61</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>76.95</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>79.80</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>80.03</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>49.75</font></p> </td> </tr>
    <tr style='height:10.5pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size=2>S&amp;P Smallcap 600</font></p> </td>

        <td width="18" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<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="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>100.00</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>116.52</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>139.13</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>150.83</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>140.14</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>88.66</font></p> </td> </tr>
    <tr style='height:10.5pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size=2>Russell 2000</font></p> </td>

        <td width="18" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<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="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>100.00</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>108.67</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>129.20</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>142.69</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>128.73</font></p> </td>

        <td width="78" nowrap valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:10.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>81.30</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'><font size=2>The Company has never declared or paid a cash dividend and does not anticipate paying cash dividends on its Common Stock in the foreseeable future.  Management presently intends to retain all available funds for the development of the business and for use as working capital.  Future dividend policy will depend upon the Company's earnings, capital requirements, financial condition and other relevant factors.  The Company's line of credit agreement does not permit the payment of dividends.&nbsp;
For further information see Note 5 &#150; Debt in the Notes to Consolidated Financial Statements.</font></p>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>11</font>
</A></p>

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

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

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'><font size=2>&nbsp;</font></p>

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:3pt;text-align:left;'>&nbsp;</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Neither the Company nor any &#147;affiliated purchaser&#148; as defined in Rule 10b-18 purchased any shares of the Company&#146;s Common Stock during the period covered by this report.  The Company has not made any sale of unregistered securities during the preceding three years.</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 Transfer Agent and Registrar for the Common Shares is Continental Stock Transfer &amp; Trust Company, 17 Battery Place, New York, New York 10004, (212) 509-4000.</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;'><b><font size=2>Equity Compensation Plan Information</font></b></p>

<p style=' margin-bottom:0pt; margin-top:4pt;text-align:left;'><font size=2>The following table provides certain information regarding the number of shares of Common Stock to be issued upon exercise of outstanding options, warrants and rights under the Company&#146;s equity compensation plans and the weighted average exercise price and number of shares of Common Stock remaining available for issuance under those plans as of January 31, 2009.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="727" style='margin-left:0pt;border-collapse:collapse;   '>
    <tr style='height:31.45pt'>

        <td width="205" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:31.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Plan Category</font></b></p> </td>

        <td width="180" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:31.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of shares to be issued upon exercise of outstanding options, warrants and right</font></b></p> </td>

        <td width="176" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:31.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted-average exercise price of
outstanding options, warrants and rights</font></b></p> </td>

        <td width="166" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:31.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of shares available for future issuance under equity compensation plans</font></b></p> </td> </tr>
    <tr >

        <td width="205" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Equity compensation plans approved by stockholders</font></p> </td>

        <td width="180" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>550,092</font></p> </td>

        <td width="176" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$14.85</font></p> </td>

        <td width="166" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>457,464</font></p> </td> </tr>
    <tr >

        <td width="205" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="180" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="176" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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="166" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td width="205" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Equity compensation plans not approved by stockholders</font></p> </td>

        <td width="180" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="176" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>N/A</font></p> </td>

        <td width="166" valign=bottom style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 6.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SELECTED FINANCIAL DATA</font></B></p> </td> </tr></table>
</div>


<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 following selected financial data for the Company for the years 2008, 2007, 2006, 2005, and 2004 are derived from the financial statements of the Company.  The information set forth below should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" included herein in response to Item 7 and the consolidated financial statements and related notes included herein in response to Item 8. </font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="737" style='border-collapse:collapse; '>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="17" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2005</font></b></p> </td>

        <td width="16" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2004</font></b></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="243" rowspan=2 valign=top style=' padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><i><font size=2>(In thousands, except per share information)</font></i><i></i></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="18" style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Fiscal Year ended January 31,</font></p> </td> </tr>
    <tr >

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2009</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2008</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2006</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2005</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Statements of Operations Data:</font></b></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>303,066</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>239,487</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>213,471</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>154,587</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>145,096</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income from operations</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,792</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,896</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,942</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,679</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,177</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss)</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,689</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(298</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,593</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>531</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,813</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) per share &#150; basic</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.98</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.04</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.86</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.10</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.56</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) per share &#150; diluted</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.98</font></p> </td>

        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.04</font></p> </td>

        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.82</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.10</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.54</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Balance Sheet Data:</font></b></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total assets</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>181,148</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>140,412</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>121,440</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>88,635</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>85,516</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Long-term debt (excluding capital </font><br> <font size=2>&nbsp;&nbsp;&nbsp;leases), less current portion</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,763</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>19,556</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29,606</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29,715</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>26,190</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="243" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capitalized leases, less current portion</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>327</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>152</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>238</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 7.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS (&#147;MD&amp;A&#148;) OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</font></b></p> </td> </tr></table>
</div>


<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 statements contained under the caption &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; and certain other information contained elsewhere in this annual report, which can be identified by the use of forward-looking terminology such as &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;continue,&#148; &#147;remains,&#148; &#147;intend,&#148; &#147;aim,&#148; &#147;should,&#148; &#147;prospects,&#148; &#147;could,&#148; &#147;future,&#148; &#147;potential,&#148; &#147;believes,&#148; &#147;plans,&#148; &#147;likely&#148; and &#147;probable&#148; or the negative thereof or other
variations thereon or comparable terminology, constitute </font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>12</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&#147;forward-looking statements&#148; within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby.  These statements should be considered as subject to the many risks and uncertainties that exist in the Company&#146;s operations and business environment.  Such risks and uncertainties could cause actual results to differ materially from those projected.  These uncertainties include, but are not limited to, economic conditions, market demand and pricing, competitive and cost factors, raw material availability and prices, global interest rates, currency exchange rates, labor relations and other risk factors.</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="img7.jpg">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="img6.jpg">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <img src="img5.jpg"><br> <br>
<B><font SIZE=2>CONSOLIDATED RESULTS OF OPERATIONS</font></B></p>

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

<table border="0" cellspacing=0 cellpadding=0 width="734" style='border-collapse:collapse'>
    <tr >

        <td width="241" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Consolidated Backlog </font></b><i><b><font size=2>(In thousands</font></b></i><b><font size=2>):</font></b></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/09</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/08</font></b></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="241" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>52,385</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>65,810</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="241" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>35,549</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38,161</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="241" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,051</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>33,179</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="241" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,835</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,315</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="241" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>107,820</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>143,465</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<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. is engaged in the manufacture and sale of products in three distinct reportable business segments:  piping systems, filtration products, and industrial process cooling equipment.</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 analysis presented below and discussed in more detail throughout the MD&amp;A was organized to provide instructive information for understanding the business going forward.  However, this discussion should be read in conjunction with the consolidated financial statements in Item 8 of this report, including the notes thereto.  An overview of the segment results is provided in Note 1 - Business and Segment Information to the consolidated financial statements in Item 8 of this report.</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;'><i><font size=2>2008 Compared to 2007</font></i></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>Record net sales were $303,066,000 in 2008, an increase of 26.5% from $239,487,000 in 2007, with increased sales in the piping systems business and the filtration products business while the industrial process cooling business decreased.</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>Gross profit of $58,948,000 in 2008 increased 42.9% from $41,249,000 in 2007.  Gross margin for 2008 rose to 19.5% from 17.2% in 2007.</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>Selling expenses increased 2.0% to $14,550,000 from $14,270,000 in 2007.  This was primarily driven by increased staffing in the piping systems business and filtration products business partially offset by the industrial process cooling equipment business, which had decreased commission expense from lower sales and a reduction in staffing completed in 2007.</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:center;'><A NAME="PAGENUM"><font size=2>13</font>
</A></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<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>General and administrative expenses increased 28.0% to $30,818,000 from $24,083,000 in 2007.  The increase was mainly due to increased profit-based management incentive expense, increased bank fees, additional stock compensation expense partially offset by a decrease in the deferred compensation expense of $495,000.</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 Company recognized a $2,788,000 non-cash charge for goodwill impairment, which was recorded as part of continuing operations.  In accordance with the Financial Accounting Standards Board&#146;s Statement of Financial Accounting Standards (&#147;SFAS&#148;) No.&nbsp;142 (&#147;SFAS 142&#148;), during the first quarter each year, the Company reviews the carrying value of goodwill.  The evaluation of impairment involved comparing the current fair value of the business to the carrying value.  The Company used a discounted cash flow model to determine the current fair value of its reporting units.  A number of significant assumptions and estimates were involved in the application of the model to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce and working capital changes.  Management considered historical experience and all available information at
the time the fair values of its reporting units were estimated.  However, actual fair values that could be realized in a transaction may differ from those used to evaluate the impairment of goodwill.</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 recently completed goodwill impairment assessment followed the fourth quarter 2008 worsening of economic conditions.  These conditions impacted both the risks considered and the calculations made.  The assessment considered uncertainty about current economic market conditions in the U.S. and globally that may pose risks to the Company&#146;s customer demand.  Customers may postpone spending for capital improvement and maintenance projects in response to tighter credit markets or negative financial news.   The distressed financial markets caused the discount rates used in calculating the present value of estimated future cash flows to be higher than a year ago.  These conditions were reflected in the Company&#146;s goodwill impairment assessment.</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>As a result, the estimated future cash flows of the filtration products business (whose goodwill was $1,688,000) and the industrial process cooling equipment business (whose goodwill was $1,100,000) were both lower than when goodwill impairment testing was done a year ago.  All of the Company&#146;s goodwill was deemed impaired and was written off with a noncash impairment charge.</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:justify;'><font size=2>The Company&#146;s worldwide effective income tax rate for 2008 was 17.0%.  The 2008 tax rate decreased as compared to 2007 mainly due to the impact of tax-free foreign income.</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>Net income rose to $6,689,000 in 2008 from a net loss of $298,000 in 2007 primarily due to increased sales, the reasons summarized above and discussed in more detail below.</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;'><i><font size=2>2007 Compared to 2006</font></i></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>Net sales were a record at $239,487,000 in 2007, an increase of 12.2% from $213,471,000 in 2006.  Sales increased in the piping systems and the filtration products businesses while the industrial process cooling business decreased.</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>Net income for 2007 was sharply down primarily due to the following factors:</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; margin-left:0.25in; text-indent:-0.25in;text-align:left;'><u><b><font size=2>Piping Systems:</font></b></u></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>During the fourth quarter 2007 the U.A.E. facility received a customer contract change to a very large pipeline project which reduced the project scope as well as net sales and net income.  This, along with significant unplanned cost to finish product significantly reduced net income.  Also, overhead additions were made in marketing, sales and operations to bolster the skills and resources of this rapidly growing unit.</font></p> </td> </tr></table>
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<p ><font size=1>&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 size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>At the New Iberia, Louisiana facility, half the third quarter 2007 was devoted to research and development of a new product for a major customer application.  While progress was made, the effort was not successful and work on production of other customer orders resumed</font><b><font size=2>.</font></b></p> </td> </tr></table>
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<p ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Margin erosion occurred due to higher prices for raw materials, specifically steel and plastic resins, which could not be passed along to the customers under existing orders.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>14</font>
</A></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; margin-left:0.25in; text-indent:-0.25in;text-align:left;'><u><b><font size=2>Filtration Products:</font></b></u></p>
</DIV>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The recently acquired factory in South Africa had a manufacturing error which necessitated the rework and replacement of a sizeable customer order.</font></p> </td> </tr></table>
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<p ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></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 size=2>High factory labor and warranty costs along with software implementation expenses at the European pleated filter operation significantly affected results.</font></p> </td> </tr></table>
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        <td width="24" valign=top >
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Ongoing market pricing pressure in the U.S. and increasing raw materials prices worldwide also reduced margin in both pleated and bag products.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:left;'><u><b><font size=2>Industrial Process Cooling: </font></b></u><font size=2>&nbsp;</font></p>


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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Incurred increased expenses related to unanticipated development and field modification costs for certain refrigeration equipment previously sold to its customers.  The product was temporarily removed from the market which reduced sales.  Product enhancements made in Q3 and Q4, although costly to the Company, were successful and led to reintroduction of the product to the market.</font></p> </td> </tr></table>
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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Significant expenditures were made and continue to be made in new product design and development as well as engineering staff recruitment.</font></p> </td> </tr></table>
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<p ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit was reduced primarily due to material cost increases which were not completely offset by selling price increases.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in; text-indent:-0.25in;text-align:left;'><u><b><font size=2>Other significant incremental expenses in 2007 not incurred in 2006</font></b></u><font size=2>:</font></p>


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<p ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2007 expenses to comply with SOX 404, were $938,000 compared to $9,000 in 2006.</font></p> </td> </tr></table>
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<p ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Start-up expenses of $664,000 for the newly created HVAC subsidiary.</font></p> </td> </tr></table>
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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Incremental vacation expense of $422,000 to adjust the accrual for vacation pay to agree with the plan requirements.</font></p> </td> </tr></table>
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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Additional stock compensation expense of $365,800.</font></p> </td> </tr></table>
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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=4><b>&#149;</b></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 size=2>Increase of $726,000 or 32.5% from the prior year in consolidated warranty expense, mainly due to the reasons previously detailed by business segment.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Because of the above factors and other occurrences, gross profit of $41,249,000 in 2007 decreased 7.1% from $44,405,000 in 2006.  Gross margin for 2007 declined to 17.2% from 20.8% in 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>Tax rate for 2007 was 158.3% mainly due to the valuation allowance for state and foreign net operating losses as described in Income Taxes below.</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;'><i><b><font size=2>Piping Systems Business</font></b></i></p>


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    <tr >

        <td width="244" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="5" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Increase</font></b></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="244" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands)</font></i><i></i></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="244" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>151,792</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>104,273</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>82,166</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>45.6</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>26.9</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="244" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="244" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>37,871</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,952</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,780</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>99.8</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12.9</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="244" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As a percentage of net sales</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24.9</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18.2</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>20.4</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="244" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="244" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income from operations</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24,037</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,623</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,568</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>126.3</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11.0</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="244" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As a percentage of net sales</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15.8</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10.2</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11.6</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td width="244" ></td>

        <td width="12" ></td>

        <td width="61" ></td>

        <td width="16" ></td>

        <td width="11" ></td>

        <td width="13" ></td>

        <td width="61" ></td>

        <td width="18" ></td>

        <td width="10" ></td>

        <td width="12" ></td>

        <td width="61" ></td>

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

        <td width="10" ></td>

        <td width="12" ></td>

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

        <td width="61" ></td>

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

        <td width="10" ></td>

        <td width="12" ></td>

        <td width="51" ></td>

        <td width="16" ></td> </tr> </table>
</div>

<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;'><i><font size=2>2008 Compared to 2007</font></i></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>Net sales of $151,792,000 for 2008 increased 45.6% from $104,273,000 in 2007, attributed to achieving the Company&#146;s market share in the U.A.E., as well as other Gulf Cooperating Council countries such as Qatar, Kuwait, and Bahrain.  The U.A.E. facility&#146;s net sales were $54,454,000 in the current year compared to $22,339,000 in 2007.  As of January 31, 2009, the Company had completed over half of the India pipeline contract.</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>Gross margin as a percent of net sales increased to 24.9% in 2008 from 18.2% in 2007, primarily due to production efficiencies in both domestic and international operations.  Margins in the U.A.E. improved from increased volume without corresponding increases in fixed expenses.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>15</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Total selling expense increased to $2,840,000 or 1.9% of net sales in 2008 from $2,297,000 or 2.2% of net sales in 2007.  The dollar increase was mainly due to increased staffing primarily in the U.A.E.</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>General and administrative expense increased to $10,994,000 or 7.2% of net sales in 2008 from $6,032,000 or 5.8% of net sales in 2007.  The increase was primarily due to the increase in profit-based management incentive expense, additional administrative costs in the India pipeline project, and increased bank fees offset by a gain in foreign currency exchange. </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;'><i><font size=2>2007 Compared to 2006</font></i></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>Net sales increased 26.9% to $104,273,000 in 2007 from $82,166,000 in 2006.  This increase was primarily driven by $22,339,000 in 2007 sales at the U.A.E. facility compared to $2,792,000 in sales from the U.A.E. in the prior year, partially offset by decreased sales to oil and gas customers.  At the New Iberia facility, half the 2007 third quarter was devoted to research and development of  a new product for a major customer application.  While progress was made, the effort was not successful.  In the middle of October 2007, the New Iberia facility resumed work on production of customer orders.</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>Gross margin as a percent of net sales decreased to 18.2% in 2007 from 20.4% in 2006, primarily due to lower sales to oil and gas customers, which tend to have a higher margin over other customers and the additional product development work for oil and gas in the third quarter.  Gross margin at the U.A.E. facility was lower than the piping systems business&#146;s average during its first year of rapid growth, driven in part by production of a particularly challenging order for an oil and gas customer.</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>Total selling expense increased to $2,297,000 or 2.2% of net sales in 2007 from $1,560,000 or 1.9% of net sales in 2006.  Selling expense in the U.A.E. increased to $750,000 in 2007 from $177,000 in 2006.  The increased expense was mainly due to additional staffing primarily in the U.A.E., and the addition of an international sales manager based in the U.S.</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>General and administrative expense increased to $6,032,000 or 5.8% of net sales in 2007 from $5,653,000 or 6.9% of net sales in 2006.  The dollar increase in general and administrative expenses was primarily due to increased staffing in the U.A.E. to support the location&#146;s growth, and increased staffing in the U.S.</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;'><i><b><font size=2>Filtration Products Business</font></b></i></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 timing of large orders can have a material effect on net sales and gross profit from period to period.  Pricing on large orders was generally extremely competitive and therefore resulted in relatively low gross margins.  </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 Company&#146;s filtration products business is dependent on government regulation of air quality at the federal and state levels.  The Company believes that growth in the sale of its filtration products and services will be materially dependent on continued enforcement of environmental laws such as the Clean Air Act.  Although there can be no assurance what the ultimate effect of the Clean Air Act will be on the Company&#146;s filtration products business, the Company believes the Clean Air Act is likely to have a positive long-term effect on demand for the Company&#146;s filtration products and services.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="746" style='border-collapse:collapse'>
    <tr >

        <td width="245" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="25" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="6" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Increase (Decrease)</font></b></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="245" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands)</font></i><i></i></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="25" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="245" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>105,390</font></p> </td>

        <td width="25" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>97,120</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>86,362</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8.5</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12.5</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="245" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="25" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="245" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,424</font></p> </td>

        <td width="25" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,776</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,230</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(17.1</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(15.1</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td> </tr>
    <tr >

        <td width="245" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As a percentage of net sales</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10.8</font></p> </td>

        <td width="25" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14.2</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18.8</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="245" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="25" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="245" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Loss) income from operations</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,936</font></p> </td>

        <td width="25" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,220</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,274</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(232.3</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(57.9</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td> </tr>
    <tr >

        <td width="245" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As a percentage of net sales</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2.8</font></p> </td>

        <td width="25" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2.3</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6.1</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td width="245" ></td>

        <td width="12" ></td>

        <td width="61" ></td>

        <td width="25" ></td>

        <td width="11" ></td>

        <td width="13" ></td>

        <td width="61" ></td>

        <td width="18" ></td>

        <td width="10" ></td>

        <td width="12" ></td>

        <td width="61" ></td>

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

        <td width="10" ></td>

        <td width="11" ></td>

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

        <td width="56" ></td>

        <td width="24" ></td>

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

        <td width="12" ></td>

        <td width="58" ></td>

        <td width="20" ></td> </tr> </table>
</div>

<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;'><i><font size=2>2008 Compared to 2007</font></i></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>Net sales increased 8.5% to $105,390,000 in 2008 from $97,120,000 in 2007.   This increase was due to the result of higher unit volume in all product lines, primarily from domestic power generation customers.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>16</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Gross margin as a percent of net sales decreased to 10.8% in 2008 from 14.2% in 2007, primarily due to the highly competitive marketplace, increasing cost of raw materials, temporary manufacturing inefficiencies during the relocation to the Bolingbrook, IL facility and higher cost of production labor at the Denmark facility resulting from increased headcount. </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>Selling expense increased to $7,575,000 or 7.2% of net sales in 2008 from $6,873,000 or 7.1% of net sales in 2007.  The increase in selling expense was primarily due to additional selling personnel, and increased travel and advertising expenses.</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>General and administrative expenses increased to $5,097,000 or 4.8% of net sales from $4,682,000 or 4.8% of net sales in 2007.  The dollar increase was primarily due to the hiring of several new senior managers and increased professional service expense.</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>For the fourth quarter and fiscal year ended January 31, 2009, the filtration products business recorded a non-cash impairment charge of $1,688,000 in connection with the annual assessment of goodwill in accordance with SFAS 142.  See Note 2
in the Notes to Consolidated Financial Statements for details with respect to impairment change incurred during 2008.</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;'><i><font size=2>2007 Compared to 2006</font></i></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>Net sales increased 12.5% to $97,120,000 in 2007 from $86,362,000 in 2006.  This increase was the result of increased sales in all product lines and geographic areas, primarily the result of a growing electric power generation customer base.</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>Gross margin as a percent of net sales decreased to 14.2% in 2007 from 18.8% in 2006, primarily due to the highly competitive marketplace, increasing cost of raw materials, customer mix and additional post-sale customer support costs, including rework and replacement of a sizeable customer order produced in the South African facility.  The cost of production labor at the Denmark facility was higher than in prior years. </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>Selling expense increased to $6,873,000 or 7.1% of net sales in 2007 from $6,541,000 or 7.6% of net sales in 2006.  The dollar increase in selling expense was primarily due to increased commission expense related to higher sales and increased advertising expense.</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>General and administrative expenses increased to $4,682,000 or 4.8% of net sales from $4,415,000 or 5.1% of net sales in 2006.  The dollar increase was the result of additional staffing in the foreign locations and the ERP software implementation expenses incurred at the Denmark facility.</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;'><i><b><font size=2>Industrial Process Cooling Equipment Business</font></b></i></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="237" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="6" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Decrease</font></b></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="237" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands)</font></i><i></i></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="20" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="237" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>31,738</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>36,327</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,161</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(12.6</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(11.7</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td> </tr>
    <tr >

        <td width="237" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="237" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,919</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,508</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,274</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(6.9</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(24.5</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td> </tr>
    <tr >

        <td width="237" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As a percentage of net sales</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>25.0</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23.4</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>27.4</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="237" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="237" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Loss) income from operations</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,765</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,227</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,222</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(43.8</font></p> </td>

        <td width="24" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(200.4</font></p> </td>

        <td width="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td> </tr>
    <tr >

        <td width="237" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>As a percentage of net sales</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5.6</font></p> </td>

        <td width="20" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3.4</font></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3.0</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="24" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="58" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="20" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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;'><i><font size=2>2008 Compared to 2007</font></i></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>Net sales decreased 12.6% to $31,738,000 in 2008 from $36,327,000 in 2007.  The decrease was primarily due to lower demand for its products in the global plastic and domestic printing markets.</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>Gross margin as a percentage of net sales increased to 25.0% in 2008 from 23.4% in 2007, primarily due to significant reduction in post-sale customer support costs, partially offset by lower sales volume relative to fixed costs.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>17</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Selling expense decreased to $4,135,000 or 13.0% of net sales in 2008 from $5,100,000 or 14.0% of net sales in 2007.&nbsp; This was primarily driven by decreased commission expense from lower sales, and a reduction in staffing in the second half of 2007 and during 2008.</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>General and administrative expense decreased to $4,449,000 or 14.0% of net sales in 2008 from $4,635,000 or 12.8% of net sales in 2007.&nbsp; This dollar decrease was primarily due to the gain on the sale of property and staffing reductions, partially offset by increased new product development engineering expenses.</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>For the fourth quarter and fiscal year ended January 31, 2009, the industrial process cooling equipment business recorded a non-cash impairment charge of $1,100,000 in connection with the annual goodwill assessment in accordance with SFAS 142.  See Note 2
in the Notes to Consolidated Financial Statements for details with respect to impairment change incurred during 2008.</font><font size=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;'><i><font size=2>2007 Compared to 2006</font></i></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:justify;'><font size=2>Net sales decreased 11.7% to $36,327,000 in 2007 from $41,161,000 in 2006. The decrease was primarily due to lower demand for its products in major market sectors and a temporary halt in sales of a new central chilling product line, launched in 2005, to resolve some performance issues.  The product line was re-launched in the fourth quarter of 2007.</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>Gross margin as a percentage of net sales decreased to 23.4% in 2007 from 27.4% in 2006, primarily due to material cost increases, which were not completely offset by selling price increases, lower sales volume over which to spread fixed manufacturing overhead expenses and field modification costs for a central chilling product line.  Manufacturing staff was reduced by 12% in the fourth quarter 2007 to better balance production expenses with demand.</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>Selling expense decreased to $5,100,000 or 14.0% of net sales in 2007 from $5,713,000 or 13.9% of net sales in 2006.  The decrease was due to reduced commission expense from lower sales.</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>General and administrative expense increased to $4,635,000 or 12.8% of net sales in 2007 from $4,339,000 or 10.5% of net sales in 2006.&nbsp; This increase was primarily due to increased professional costs including employment-related hiring expenses and engineering consulting fees related to new product development.</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;'><i><b><font size=2>General Corporate and Other</font></b></i></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;'><i><font size=2>2008 Compared to 2007</font></i></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>Net sales increased to $14,146,000 in 2008 from $1,767,000 in 2007.  The 2008 and 2007 net sales related to the start-up of the HVAC systems business.</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>General corporate expense included interest expense and general and administrative expenses that were not allocated to the business segments.
General and administrative expense increased 21.8% to $10,278,000 in 2008 from $8,733,000 in 2007, and decreased as a percentage of consolidated net sales to 3.4% in 2008 from 3.6% in 2007.  The dollar increase was mainly due to the increased profit-based management incentive expense, incremental expenses relating to stock compensation expense of $241,000, and additional staffing.  These expenses were partially offset by decreased deferred compensation expense of $495,000.  The deferred compensation plan was affected by the market value of the underlying investments.  Since the underlying investment declined, the Company&#146;s liability to the employees in the plan decreased.</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>Interest expense, net of capitalized interest, increased 17.7% to $2,834,000 in 2008 from $2,408,000 in 2007 primarily due to increased borrowings.  Capitalized interest of $152,000 was recorded in 2008 and was attributable to the building preparations for the relocation of the filtration products business&#146; Cicero, Illinois operations to Bolingbrook, Illinois which occurred in the second and third quarters of 2008.  The building was purchased in March 2008 for $6,400,000, and improvements and modifications cost an additional $3,159,000.</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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>18</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=2>2007 Compared to 2006</font></i></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 2007 net sales of $1,767,000 related to the start-up of the HVAC systems business.  The 2006 net sales of $3,782,000 were related to other corporate business.</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>General and administrative expense increased 20.6% to $8,733,000 in 2007 from $7,242,000 in 2006, and increased as a percentage of consolidated net sales to 3.6% in 2007 from 3.4% in 2006.  The increase was mainly due to incremental expenses of $929,000 incurred to comply with SOX 404 (including consulting fees) that were not incurred in 2006, the inclusion of $664,000 of the general and administrative expense from the newly created subsidiary that installs HVAC systems, and additional stock compensation expense of $365,800 compared to the prior year.  These expenses were partially offset by decreased management incentive expense and deferred compensation expense.</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>Interest expense decreased 10.0% to $2,408,000 in 2007 from $2,676,000 in 2006.  The decrease was primarily due to reduced borrowings.</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;'><I><B><font SIZE=2>INCOME TAXES</font></B></I></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:justify;'><font size=2>The Company&#146;s worldwide effective income tax rates were 17.0%, 158.3%, and 32.0% in 2008, 2007 and 2006, respectively.  The 2008 tax rate decreased as compared to 2007 mainly due to the impact of tax-free foreign income.</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>As of January 31, 2009, the Company had undistributed earnings of certain foreign subsidiaries for which deferred taxes have not been provided.  The Company intends and has the ability to reinvest these earnings for the foreseeable future outside the U.S.  If these amounts were distributed to the U.S., in the form of dividends or otherwise, the Company would be subject to additional U.S. income taxes.  Determination of the amount of unrecognized deferred income tax liabilities on these earnings is not practicable because such liability, if any, is dependent on circumstances existing if and when remittance occurs.</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>During the fourth quarter of 2007, management determined that all of its foreign net operating loss (&#147;NOL&#148;) carryovers and most of its state NOL carryovers generated through January 31, 2008 were no longer more likely than not realizable.  Additional tax expense of $583,000 or 114.2% of the 2007 rate was recorded to establish a valuation allowance against those deferred tax assets.</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:justify;'><font size=2>A reconciliation of the effective income tax rate to the U.S. Statutory tax rate is as follows:</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="739" style='border-collapse:collapse'>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="39" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="31" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="19" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Statutory tax rate</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>34.0</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>34.0</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Differences in foreign tax rate</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(44.3</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6.2</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Impairment of goodwill</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11.8</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Valuation Allowance for net operating losses</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3.9</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>114.2</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>State taxes, net of federal benefit</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3.8</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24.4</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Research tax credit</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1.5</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(43.7</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Return to provision adjustments</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3.5</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13.3</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>All other, net (benefit) expense</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="39" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="31" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.8</font></p> </td>

        <td width="19" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9.9</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Effective tax rate</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="39" valign=top style='padding:0in .7pt 0in .7pt'>
<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="31" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17.0</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>158.3</font></p> </td>

        <td width="19" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:6pt;text-align:left;'><font size=2> For
further information, see Note 7 &#150; Income Taxes, in the Notes to Consolidated Financial Statements. </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;'><I><B><font SIZE=2>LIQUIDITY AND CAPITAL RESOURCES</font></B></I></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>Cash and cash equivalents as of January 31, 2009 were $2,735,000 as compared to $2,665,000 at January 31, 2008.  The Company used $2,165,000 from operations in 2008.  Exercise of stock options resulted in proceeds of $83,000 in 2008.</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>Net sales in 2008 increased $63,579,000 or 26.5% compared to 2007 net sales.  The higher sales contributed to the increased balances in trade accounts receivable, inventories, and trade accounts payable.  Compared to January 31, 2008, trade receivables increased by $21,131,000 primarily due to the piping systems business, of which $14,126,000 was in the U.A.E and $6,234,000 was in the HVAC business.  Inventories increased by $8,297,000 in 2008 primarily due to
increased raw material requirements for scheduled production. Total inventory </font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>19</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>
increased in the U.A.E. by $5,603,000. Prepaid and other current assets
increased $5,910,000 in 2008 primarily due to the India pipeline project.  Customer deposits increased $4,121,000 from January 31, 2008, of these deposits, $5,850,000 related to the piping systems business for orders for which the product is expected to be delivered in the first half of 2009 offset by a decrease in the filtration products business.  At January 31, 2009, the filtration products business had customer deposits of $1,781,000 for orders for which the product is expected to ship in late 2009 and in 2010.</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>Net cash used in 2008 investing activities was $18,167,000 mainly comprised of capital expenditures which increased to $18,464,000 from $5,763,000 in 2007.  The filtration products business facility in Cicero, Illinois relocated its operations in the summer of 2008 to a building purchased for $6,400,000 in Bolingbrook, Illinois in March 2008.  Improvements and modifications were an additional $3,159,000.  In 2008, the piping systems business opened a facility located in Mundra, India with a cost of $5,066,000 for the leasehold improvements and equipment.  Other capital expenditures primarily related to machinery and equipment, building and leasehold improvements, and computer hardware and software purchases.</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 Company estimates that capital expenditures for 2009 will be approximately $5,500,000, of which the Company may finance capital expenditures through real estate mortgages, equipment financing loans, internally generated funds and its revolving line of credit.</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>Debt totaled $54,883,000, an increase of $20,643,000 since the beginning of 2008.  Net cash inflows from financing activity were $130,668,000, primarily to support higher working capital investments.  Stock option activity resulted in $374,000 of total cash flow, which included $457,000 tax expense from stock options exercised in addition to stock option proceeds of $83,000.  </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 following table summarizes the Company&#146;s estimated contractual obligations at January 31, 2009.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="726" style='border-collapse:collapse'>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands)</font></i><i></i></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Payment Due By:</font></b></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Contractual Obligations</font></b></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total</font></b></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/10</font></b></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/11</font></b></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/12</font></b></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/13</font></b></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/14</font></b></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Thereafter</font></b></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Revolving line domestic (1)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,762</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,762</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mortgages (2)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,369</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,381</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,432</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,432</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,098</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>900</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,126</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Revolving line foreign</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,082</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,980</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,583</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>474</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Term loans (3)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,546</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,192</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,095</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>483</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>234</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>504</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;margin-top:0pt;margin-bottom:0pt' align="right"><font size=2>
$</font></p> </td>

        <td width="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>63,759</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,553</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font size=2>$</font></p> </td>

        <td width="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29,872</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,930</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font size=2>$</font></p> </td>

        <td width="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,347</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,419</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><font size=2>$</font></p> </td>

        <td width="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,638</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capitalized lease obligations</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>550</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>200</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>199</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>151</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Operating lease obligations (4)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,811</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,464</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>804</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>301</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>104</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>73</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>65</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Projected pension contributions (5)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,259</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>536</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>240</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>273</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>280</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>291</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,639</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred compensation (6)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,502</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>28</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>28</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,388</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Employment agreements (7)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>101</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>101</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>FIN 48 obligations (8)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>884</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>884</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Purchase commitments</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>22</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>22</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td> </tr>
    <tr >

        <td width="217" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>73,888</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,804</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>31,143</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,684</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="50" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,759</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,783</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="70" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>20,715</font></p> </td> </tr></table>
</div>

<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;'><b><font size=2>Notes to Contractual Obligations Table</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest obligations exclude floating rate interest on debt payable under the domestic revolving line of credit.  Based on the amount of such debt at January 31, 2009, and the weighted average interest rates on that debt at that date (4.94%), such interest was being incurred at an annual rate of approximately $1,173,300.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Scheduled maturities, including interest.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Term loan obligations exclude floating rate interest on Term Loan with a January 31, 2009 balance of $2,357,000.  Based on the amount of such debt as of January 31, 2009, and the weighted average interest rates on that debt at that date (5.33%), such interest was being incurred at an annual rate of approximately $125,600.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(4)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Minimum contractual amounts, assuming no changes in variable expenses.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(5)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Includes expected employer contributions for fiscal year ending
January 31, 2010 and estimated future benefit payments reflecting expected future service.</font></p> </td> </tr></table>
</div>


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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>20</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(6)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-qualified deferred compensation plan &#150; The Company has deferred compensation agreements with key employees.  Vesting is based on years of service.  Life insurance contracts have been purchased which may be used to fund the Company&#146;s obligation under these agreements.  Payment estimates have been included, that the third party administrator calculates in May.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(7)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size="2">Refer to the Proxy statement for a description of  compensation plans for Named Executive Officers.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(8)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size="2">Refer to Note 7 - Income Taxes in the Notes to Consolidated Financial
Statements for a description of the FIN 48 obligations.</font></p> </td> </tr></table>
</div>


<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>Other long term liabilities of $4,609,000 were composed primarily of deferred compensation and accrued pension cost.</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 Company&#146;s working capital was $57,984,000 at January 31, 2009 compared to $39,544,000 at January 31, 2008.  This increase was due to the increase in accounts receivable and inventories partially offset by the increase in accounts payable, accrued management incentive and customer deposits.</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 Company&#146;s current ratio increased to 1.8 to 1 at January 31, 2009 from 1.7 to 1.0 at January 31, 2008.  Debt to total capitalization at January 31, 2009 increased to 46.1% from 36.4% at January 31, 2008.</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;'><i><b><font size=2>Financing</font></b></i></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>At January 31, 2009, the Company was in compliance with covenants under the Loan Agreement as defined below.</font></p>

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>On July 11, 2002, the Company entered into a secured loan and security agreement with a financial institution ("Loan Agreement").  The Loan Agreement was amended and restated on December 15, 2006.  Under the terms of the Loan Agreement, which matures on November 13, 2010, the Company can borrow up to $38,000,000, subject to borrowing base and other requirements, under a revolving line of credit.  The Loan Agreement covenants restrict debt, liens, and investments, do not permit payment of dividends, and require attainment of certain levels of profitability and cash flows. Interest rates generally are based on options selected by the Company as follows:  (a) a margin in effect plus a prime rate; or (b) a margin in effect plus the LIBOR rate for the corresponding interest period.  At January 31, 2009, the prime rate was 3.25%, and the margins added to the prime rate and the LIBOR rate, which are determined each
quarter based on the applicable financial statement ratio, were 0.25 and 2.25 percentage points, respectively.  Monthly interest payments were made.  The average interest rate for the year ending January 31, 2009 was 4.94%.  As of January 31, 2009, the Company had borrowed $23,761,900 and had $50,300 available to it under the revolving line of credit.  In addition, $1,232,400 of availability was used under the Loan Agreement primarily to support letters of credit to guarantee amounts committed for inventory purchases.  The Loan Agreement provides that all payments by the Company's customers are deposited in a bank account from which all funds may only be used to pay the debt under the Loan Agreement.  At January 31, 2009, the amount of restricted cash was $220,400.  Cash required for operations is provided by draw-downs on the line of credit.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Company also has short-term credit arrangements used by its Denmark and U.A.E. subsidiaries.  These credit arrangements are generally in the form of overdraft facilities at rates competitive in the countries in which the Company operates.  At January 31, 2009, borrowings under these credit arrangements totaled $11,957,000; an additional $2,835,000 remained unused.</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>On March 4, 2008, the Company borrowed $5,440,000 under a mortgage note secured by the filtration products&#146; manufacturing facility located in Bolingbrook, Illinois.  The 25 year mortgage resets its interest rate every five years based on a published index.  The initial interest rate is 6.54% during the first five years with monthly payments of $36,867 for both principal and interest.</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;'><B><font SIZE=2>CRITICAL ACCOUNTING ESTIMATES AND POLICIES</font></B></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;'><i><b><font size=2>Revenue recognition:  </font></b></i><font size=2>The Company recognizes revenues including shipping and handling charges billed to customers, when all the following criteria are met:  (i) persuasive evidence of an arrangement exists, (ii) the seller&#146;s price to the buyer is fixed or determinable, and (iii) collectability is reasonably assured.  All subsidiaries of the Company, except as noted below, recognize revenues upon shipment or delivery of goods or services when title and risk of loss pass to customers.</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:center;'><A NAME="PAGENUM"><font size=2>21</font>
</A></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;'><i><b><font size=2>Percentage of completion method revenue recognition:</font></b></i><font size=2>  All divisions recognize revenues under the above stated revenue recognition policy except for sizable complex contracts that require periodic recognition of income.  For these contracts, the Company uses the &#147;percentage of completion&#148; accounting method.  Under this approach, income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete.  The choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project.  The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract.  Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined.  Changes in job
performance, job conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income.  Such revisions are recognized in the period in which they are determined.  Claims for additional compensation due the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated.</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;'><i><b><font size=2>Inventories:</font></b></i><font size=2>  Inventories are stated at the lower of cost or market.  Cost is determined using the first-in, first-out method for substantially all inventories.  </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;'><i><b><font size=2>Assessment of Potential Impairments of Goodwill and Intangible Assets:  </font></b></i><font size=2>The Company incurred a fourth quarter and full year 2008 noncash charge related to the impairment of goodwill of $2,788,000.</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 accordance with SFAS142, during the first quarter each year, the Company reviews the carrying value of goodwill.  The evaluation of impairment involved comparing the current fair value of the business to the carrying value.  The Company used a discounted cash flow model to determine the current fair value of its reporting units.  A number of significant assumptions and estimates were involved in the application of the model to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce and working capital changes.  Management considered historical experience and all available information at the time the fair values of its reporting units were estimated.  However, actual fair values that could be realized in a transaction may differ from those used to evaluate the impairment of goodwill.</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 recently completed goodwill impairment assessment followed the fourth quarter 2008 worsening of economic conditions.  These conditions impacted both the risks considered and the calculations made.  The assessment considered uncertainty about current economic market conditions in the U.S. and globally that may pose risks to the Company&#146;s customer demand.  Customers may postpone spending for capital improvement and maintenance projects in response to tighter credit markets or negative financial news.   The distressed financial markets caused the discount rates used in calculating the present value of estimated future cash flows to be higher than a year ago.  These conditions were reflected in the Company&#146;s goodwill impairment assessment.
As a result, the estimated future cash flows of the filtration products business (whose goodwill was $1,688,000) and the industrial process cooling equipment business (whose goodwill was $1,100,000) were both lower than when goodwill impairment testing was done a year ago.  All of the Company&#146;s goodwill was deemed impaired and was written off with a noncash impairment charge.</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;'><i><b><font size=2>Income Tax Provision:  </font></b></i><font size=2>Deferred income taxes have been provided for temporary differences arising from differences in basis of assets and liabilities for tax and financial reporting purposes.  Deferred income taxes on temporary differences have been recorded at the current tax rate.  The Company assessed its deferred tax assets for realizability at each reporting 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;'><i><b><font size=2>Recently Adopted Accounting Standards: </font></b></i><font size=2>In December 2008, the Financial Accounting Standards Board (&#147;FASB&#148;) issued FSP 132(R)-1, &#147;Employers&#146; Disclosures about Postretirement Benefit Plan Assets&#148; (FSP 132(R)-1).&nbsp; FSP 132(R)-1 requires additional disclosures for plan assets of defined benefit pension or other postretirement plans.&nbsp; The required disclosures include a description of the investment policies and strategies, the fair value of each major category of plan assets, the inputs and valuation techniques used to measure the fair value of plan assets, the effect of fair value measurements using significant unobservable inputs on changes in plan assets, and the significant concentrations of risk within plan assets.&nbsp; FSP 132(R)-1 does not change the accounting treatment for postretirement benefit plans.&nbsp; FSP 132(R)-1 is effective for
the Company for fiscal year 2009.</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:center;'><A NAME="PAGENUM"><font size=2>22</font>
</A></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>In September 2006, the FASB issued SFAS&nbsp;157, &#147;Fair Value Measurements&#148;, which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.&nbsp;&nbsp;SFAS&nbsp;157 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information.&nbsp;&nbsp;This statement was effective for fiscal years beginning after November&nbsp;15, 2007.&nbsp;&nbsp;On February&nbsp;14, 2008, the FASB issued FSP FAS&nbsp;No.&nbsp;157-1 &#147;Application of FASB Statement No.&nbsp;157 to FASB Statement 13 and Other Accounting Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement Under Statement 13&#148; (SFAS 157-1) that amends SFAS&nbsp;157 to exclude
its application for purposes of lease classification or measurement under SFAS&nbsp;13.&nbsp;&nbsp;On February&nbsp;12, 2008, the FASB issued Staff Position Financial Accounting Standard (FSP FAS) No.&nbsp;157-2 &#147;Effective Date of FASB Statement No.&nbsp;157&#148; (FSP 157-2) that amends SFAS&nbsp;157 to delay the effective date for all non-financial assets and non-financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis to fiscal years beginning after November&nbsp;15, 2008.&nbsp;&nbsp;The Company adopted the required provisions of SFAS&nbsp;157-1 effective January&nbsp;1, 2008 and there was no material effect on its consolidated financial statements.  The Company has adopted FSP&nbsp;157-2 to delay the adoption effects related to non-financial assets and does not anticipate there will be a material effect on its consolidated financial statements.&nbsp;&nbsp;In October 2008, the FASB issued
FSP&nbsp;157-3, &#147;Determining the Fair Value of a Financial Asset in a Market That Is Not Active.&#148;&nbsp;&nbsp;The FSP was effective upon issuance, including periods for which financial statements have not been issued. The FSP clarified the application of SFAS&nbsp;157 in an inactive market and provided an illustrative example to demonstrate how the fair value of a financial asset is determined when the market for that financial asset is inactive.&nbsp;&nbsp;The adoption of this FSP FAS&nbsp;157-3 did not have a material impact on the Company&#146;s consolidated financial statements.</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 April 2008, the FASB issued FASB Staff Position No. FAS 142-3, </font><i><font size=2>Determination of the Useful Life of Intangible Assets </font></i><font size=2>(&#147;FSP No. FAS 142-3&#148;).  FSP No. FAS 142-3 requires companies estimating the useful life of a recognized intangible asset to consider their historical experience in renewing or extending similar arrangements or, in the absence of historical experience, to consider assumptions that market participants would use about renewal or extension as adjusted for SFAS 142&#146;s, </font><i><font size=2>Goodwill and Other Intangible Assets,</font></i><font size=2> entity-specific factors.  FSP No. FAS 142-3 will be effective for fiscal years beginning after December 15, 2008.  The Company is currently evaluating the potential impact of adoption of FSP No. FAS 142-3 on its consolidated financial statements.  However, the Company does not expect the
adoption of FSP No. FAS 142-3 to have a material effect on its consolidated financial statements.</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>Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.  </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'><b><font size=2>Item 7A.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></B></p> </td> </tr></table>
</div>


<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 Company is subject to market risk associated with changes in foreign currency exchange rates, interest rates and commodity prices. Foreign currency exchange rate risk is mitigated through maintenance of local production facilities in the markets served, often (though not always) invoicing customers in the same currency as the source of the products and use of foreign currency denominated debt in Denmark, U.A.E. and South Africa.  At times the Company has attempted to mitigate its interest rate risk by maintaining a balance of fixed-rate long-term debt and floating-rate debt.</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 hypothetical ten percent change in market interest rates over the next year would increase or decrease interest on the Company's floating rate debt instruments by approximately $78,400.</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>Commodity price risk is the possibility of higher or lower costs due to changes in the prices of commodities, such as ferrous alloys which the Company uses in the production of piping systems.  The Company attempts to mitigate such risks by obtaining price commitments from its commodity suppliers and, when it appears appropriate, purchasing quantities in advance of likely price increases.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;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'><b><font size=2>Item 8.</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The consolidated financial statements of the Company for each of the three years in the period ended as of January 31, 2009, 2008 and 2007 and the notes thereto are set forth elsewhere herein.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>23</font>
</A></p>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9.</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</font></B></p> </td> </tr></table>
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<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:justify;'><font size=2>None.</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-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 9A.</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CONTROLS AND PROCEDURES</font></B></p> </td> </tr></table>
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<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>The Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the company&#146;s disclosure controls and procedures (as defined in Rule&nbsp;13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of January 31, 2009.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company&#146;s disclosure controls and procedures were effective as of as of January 31, 2009 to ensure that information required to be disclosed in the reports that are filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the SEC&#146;s rules and forms and is accumulated and communicated to the issuer&#146;s management, including the principal executive and financial officers, to allow timely decisions regarding required disclosure.</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;'><i><b><font size=2>Management&#146;s Report on Internal Control Over Financial Reporting:  </font></b></i><font size=2>The Company&#146;s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Exchange Act.  As required by Rule 13a-15(c) under the Exchange Act, MFRI&#146;s management carried out an evaluation, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of its internal control over financial reporting as of the end of the last fiscal year.  The framework on which such evaluation was based is contained in the report entitled &#147;Internal Control&#151;Integrated Framework&#148; issued by the Committee of Sponsoring Organizations of the Treadway Commission (the &#147;COSO Report&#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>The Company&#146;s system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>

<p style=' margin-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>Based on its assessment, management has concluded that the Company has maintained effective internal control over financial reporting as of January 31, 2009, based on criteria in the COSO
Report.</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;'><i><b><font size=2>Change in Internal Controls:</font></b></i><font size=2>  There was a material weakness in internal control described in Item 9A of the Company&#146;s January 31, 2008 10-K filed on April 30, 2008.  The Company&#146;s processes, procedures and controls related to the preparation and review of the quarterly and annual income tax provisions were not deemed effective at October 31, 2007 and January 31, 2008 to ensure that amounts related to the income tax provisions were accurate.  This material weakness resulted in an accounting error, which did not affect the Company's sales, operating expenses, or cash flow.  However, the error did result in the understatement of income taxes, and overstatement of current assets, total assets, and net income for the interim fiscal period reported at October 31, 2007.</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>Other than the material weakness noted above, there has been no change in internal control over financial reporting that occurred during the last fiscal year that has materially affected, or is reasonably likely to materially affect, internal control over financial reporting except as discussed below.</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;'><i><b><font size=2>Remediation Plan for Material Weaknesses in Internal Control over Financial Reporting:</font></b></i><b><font size=2>  </font></b><font size=2>As noted above, there was a material weakness in internal control described in Item 9A of the Company&#146;s January 31, 2008 10-K filed on April 30, 2008.  Beginning in 2005, the Company engaged a national public accounting, tax and business consulting firm with affiliates worldwide (the &#147;Tax Advisor&#148;) to assist the Company with calculation and  review of its quarterly and annual income tax provisions and with its income tax compliance.  To avoid recurrence of an error such as the one described above, the Company and Tax Advisor have changed the senior technical resources assigned to the engagement, implemented tax software, improved income tax accounting documentation, and adjusted the timing of quarterly and annual income tax accounting work.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>24</font>
</A></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-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The actions described above have resulted in strengthened internal controls over financial reporting relating to accounting for income taxes and have fully remediated the related material weakness that was identified as of January 31, 2008.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;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'><b><font size=2>Item 9B.</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>OTHER INFORMATION</font></B></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;text-align:left;'><font size=2>None</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:center;'><B><font SIZE=2>PART III</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><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'><b><font size=2>Item 10.</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE</font></B></p> </td> </tr></table>
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<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>Information with respect to this item is incorporated herein by reference to the Company&#146;s definitive proxy statement for the 2009 annual meeting of stockholders.</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>Information with respect to executive officers of the Company is included in Item1, Part I hereof under the caption "Executive Officers of the Registrant".</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;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'><b><font size=2>Item 11.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXECUTIVE COMPENSATION</font></B></p> </td> </tr></table>
</div>


<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>Information with respect to this item is incorporated herein by reference to the Company&#146;s definitive proxy statement for the 2009 annual meeting of stockholders.</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'><b><font size=2>Item 12.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</font></B></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><B><font SIZE=2>AND RELATED STOCKHOLDER MATTERS</font></B></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>Information with respect to this item is incorporated herein by reference to the Company&#146;s definitive proxy statement for the 2009 annual meeting of stockholders.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:-0.75in;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'><b><font size=2>Item 13.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE</font></B></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<font size=2>Information with respect to this item is incorporated herein by reference to the Company&#146;s definitive proxy statement for the 2009 annual meeting of stockholders.
&nbsp;
<br>
&nbsp;</font><div align=left>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 14.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></B></p> </td> </tr></table>
</div>


<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>Information with respect to this item is incorporated herein by reference to the Company&#146;s definitive proxy statement for the 2009 annual meeting of stockholders.</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>PART IV</font></B></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'><b><font size=2>Item 15.</font></b></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>EXHIBITS AND FINANCIAL STATEMENT SCHEDULES</font></B></p> </td> </tr></table>
</div>


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


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<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>a.</font></p> </td>

        <td width="285" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>List of documents filed as part of this report:</font></p> </td> </tr></table>
</div>



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<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>

        <td width="460" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financial Statements - Consolidated Financial Statements of the Company</font></p> </td> </tr></table>
</div>



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<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="240" nowrap valign=top >
<p ><font size=2>Refer to Part II, Item 8 of this report.</font></p> </td> </tr></table>
</div>



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<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>

        <td width="203" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financial Statement Schedules</font></p> </td> </tr></table>
</div>



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<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="312" nowrap valign=top >
<p ><font size=2>Schedule II - Valuation and Qualifying Accounts</font></p> </td> </tr></table>
</div>

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


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<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>b.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exhibits: The exhibits, as listed in the Exhibit Index included herein, are submitted as a separate section of this report.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in; text-indent:-1in;text-align:left;'><font size=2>&nbsp;</font></p>


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<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>c.</font></p> </td>

        <td width="452" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The response to this portion of Item 15 is submitted under 15a (2) above.</font></p> </td> </tr></table>
</div>

<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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>25</font>
</A></p>

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

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

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

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</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><img src="img3.jpg"><br> </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;'><b><font size=2>Report of Independent Registered Public Accounting Firm </font></b></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>Board of Directors and Stockholders</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>MFRI, Inc. and Subsidiaries</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>We have audited MFRI,
Inc. (a Delaware corporation) and Subsidiaries' (the &#147;Company&#148;) internal control over financial reporting as of January 31, 2009, based on criteria established in </font><i><font size=2>Internal Control &#150; Integrated Framework</font></i><font size=2> issued by the Committee of Sponsoring Organizations of the Treadway Commission (&quot;COSO&quot;).  The Company&#146;s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#146;s Report on Internal Control Over Financial Reporting appearing under Item 9A.  Our responsibility is to express an opinion on the Company&#146;s internal control over financial reporting based on our audit.</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>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.  Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.  We believe that our audit provides a reasonable basis for our opinion.</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 company&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets that could have a material effect on the financial statements.</font></p>

<p style=' margin-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>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p>

<p style=' margin-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 our opinion, the Company maintained in all material respects effective internal control over financial reporting as of January 31, 2009, based on the criteria established in </font><i><font size=2>Internal Control-Integrated Framework</font></i><font size=2> issued by COSO.</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>We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company as of January 31, 2009 and 2008, and the related consolidated statements of operations, stockholders&#146; equity, comprehensive income (loss) and cash flows for each of the three years in the period ended January 31, 2009, and our report dated April 15, 2009, expressed an unqualified opinion on those financial statements.  </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; margin-left:4in;text-align:left;'><font size=2>/s/ Grant Thornton LLP</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>April 15, 2009</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:center;'><A NAME="PAGENUM"><font size=2>26</font>
</A></p>

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

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

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

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</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;'><b><font size=2>Report of Independent Registered Public Accounting Firm</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Board of Directors and Stockholders</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>MFRI, Inc. and Subsidiaries </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>We have audited the accompanying consolidated balance sheets of MFRI, Inc. (a Delaware corporation) and Subsidiaries (the &#147;Company&#148;) as of January 31, 2009 and 2008, and the related consolidated statements of operations, stockholders&#146; equity, comprehensive income (loss) and cash flows for each of the three years in the period ended January 31, 2009.  Our audits of the basic financial statements included the financial statement schedule listed in the index appearing under Item 15(a)(2).  These financial statements and financial statement schedule are the responsibility of the Company&#146;s management.  Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits.</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>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.  </font></p>

<p style=' margin-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 our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of MFRI, Inc. and Subsidiaries as of January 31, 2009 and 2008, and the results of their operations and
their cash flows for each of the three years in the period ended January 31, 2009, in conformity with accounting principles generally accepted in the United States of America.  Also in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.</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>We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), MFRI, Inc. and Subsidiaries' internal control over financial reporting as of January 31, 2009, based on criteria established in </font><i><font size=2>Internal Control &#150; Integrated Framework</font></i><font size=2> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and our report dated April 15, 2009, expressed an unqualified opinion on the effective operation of internal control over financial reporting.</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>Chicago, Illinois</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>April 15, 2009</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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>27</font>
</A></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>CONSOLIDATED STATEMENTS OF OPERATIONS</font></B></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:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Fiscal Year Ended January 31,</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands except per share information)</font></i></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2009</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2008</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>303,066</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>239,487</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>213,471</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Cost of sales</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>244,118</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>198,238</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>169,066</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>58,948</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,249</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>44,405</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Operating expenses:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Selling expense</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,550</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,270</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,530</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>General and administrative expense</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>30,818</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24,083</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>20,933</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Impairment of goodwill</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,788</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:.25in;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Total operating expenses</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>48,156</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38,353</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>35,463</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Income from operations</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,792</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,896</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,942</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Income from joint venture</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>104</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>491</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Interest expense, net</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,834</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,408</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,676</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Income before income taxes</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,062</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>511</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,757</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Income tax expense</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,373</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>809</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,164</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net income (loss) </font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.5pt;padding: 0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,689</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(298</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,593</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average number of common shares outstanding &#150; basic</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,797</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,627</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,358</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic earnings per share:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) </font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.98</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.04</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.86</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average number of common shares outstanding &#150; diluted</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,853</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,627</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,600</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Diluted earnings per share:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="436" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) </font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="2" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.98</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.04</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.82</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr>

        <td width="436" ></td>

        <td width="10" ></td>

        <td width="11" ></td>

        <td width="0" ></td>

        <td width="61" ></td>

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

        <td width="10" ></td>

        <td width="12" ></td>

        <td width="62" ></td>

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

        <td width="10" ></td>

        <td width="12" ></td>

        <td width="62" ></td>

        <td width="16" ></td> </tr> </table>
</div>

<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>See accompanying
Notes to Consolidated Financial Statements.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>28</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>CONSOLIDATED BALANCE SHEETS</font></B></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="716" style='border-collapse:collapse'>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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  colspan="5" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'>
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 31,</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands)</font></i><i></i></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2009</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2008</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ASSETS</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Current Assets:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Cash and cash equivalents</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,735</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,665</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Restricted cash</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>220</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>565</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:.2in;text-indent:-5.4pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Trade accounts receivable, less allowance for doubtful accounts of $473 in 2008 and $384 in 2007</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>59,766</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>39,587</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Inventories, net</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>52,291</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>43,013</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Prepaid expenses and other current assets</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,600</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,490</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Costs and estimated earnings in excess of billings on uncompleted contracts</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,472</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,449</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred income taxes</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,171</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,488</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Income taxes receivable</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>690</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total current assets</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>128,255</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>95,947</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Property, Plant and Equipment, Net</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>47,256</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>35,401</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr style='height:5.75pt'>

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other Assets:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred tax asset</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,756</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,421</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Cash surrender value of officers' life insurance policies</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,677</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,977</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deposits</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>431</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,153</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Patents, net of accumulated amortization</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>292</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>349</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other assets</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>481</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>338</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Goodwill</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,826</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total other assets</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,637</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,064</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Total Assets</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="79" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>181,148</font></p> </td>

        <td width="16" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>140,412</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>LIABILITIES AND STOCKHOLDERS' EQUITY</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Current Liabilities:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Trade accounts payable</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>27,232</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>22,758</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Current maturities of long-term debt</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,793</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,532</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Commissions and management incentive payable</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,418</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,294</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Customer deposits</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,206</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,972</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other accrued liabilities</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,947</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,325</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accrued compensation and payroll taxes</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,601</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,970</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Billings in excess of costs and estimated earnings on uncompleted contracts</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,586</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,552</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Income taxes payable </font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>488</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total current liabilities</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>70,271</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>56,403</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:5.75pt'>

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Long-Term Liabilities:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Long-term debt, less current maturities</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>42,090</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>19,708</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred compensation liability</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,502</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,243</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,107</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,278</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total long-term liabilities</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46,699</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24,229</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stockholders' Equity:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Common stock, $0.01 par value, authorized 50,000 shares 6,815 and 6,787 </font><br>                                                 <font size=2>&nbsp;&nbsp;&nbsp;issued and outstanding in 2008 and 2007, respectively</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>68</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><br> <font size=2>68</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Additional paid-in capital</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46,922</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46,551</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Retained earnings</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,923</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,234</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Accumulated other comprehensive (loss) income</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,735</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>927</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:.25in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Total stockholders&#146; equity</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="79" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>64,178</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>59,780</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="477" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Total Liabilities and Stockholders&#146; Equity</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="79" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>181,148</font></p> </td>

        <td width="16" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:double black 2.25pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>140,412</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>See accompanying
Notes to Consolidated Financial Statements.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>29</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&#146; EQUITY</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="721" style='margin-left:0pt;border-collapse:collapse; '>
    <tr style='height:5.6pt'>

        <td width="135" rowspan=2 valign=bottom style='padding:0in 1.45pt 0in 0in; height:5.6pt'>
<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="86" rowspan=2 valign=top style='padding:0in .7pt 0in 0in; height:5.6pt'>
<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="7" rowspan=2 valign=top style='padding:0in .7pt 0in 0in; height:5.6pt'>
<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  colspan="5" valign=bottom style='padding:0in .7pt 0in 0in; height:5.6pt'>
<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="8" rowspan=2 valign=top style='padding:0in .7pt 0in 0in; height:5.6pt'>
<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  colspan="2" rowspan=3 valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in;height:5.6pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Additional</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Paid-in</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Capital</font></b></p> </td>

        <td width="13" rowspan=2 valign=bottom style='padding:0in .7pt 0in 0in; height:5.6pt'>
<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  colspan="2" rowspan=3 valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in;height:5.6pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Retained</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Earnings</font></b></p> </td>

        <td width="13" rowspan=2 valign=bottom style='padding:0in .7pt 0in 0in; height:5.6pt'>
<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  colspan="2" rowspan=3 valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in;height:5.6pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Accumulated</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Other</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Comprehensive</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Income (Loss)</font></b></p> </td>

        <td width="10" rowspan=2 valign=bottom style='padding:0in .7pt 0in 0in; height:5.6pt'>
<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  colspan="3" rowspan=3 valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in;height:5.6pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Comprehensive</font></b><br> <b><font size=2>Income (Loss)</font></b></p> </td> </tr>
    <tr style='height:19.8pt'>

        <td  colspan="5" valign=bottom style='padding:0in .7pt 0in 0in; height:19.8pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Common Stock</font></b></p> </td> </tr>
    <tr >

        <td width="135" valign=top style='border-bottom: solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands)</font></i></p> </td>

        <td width="86" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Shares</font></b></p> </td>

        <td width="16" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Amount</font></b></p> </td>

        <td width="8" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style=' padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Balances at January 31, 2006</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:6.75pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,276</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>53</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,084</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,444</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>229</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>323</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<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="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,593</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,593</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-7.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options exercised </font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>254</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,160</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-7.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock-based compensation expense</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>138</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-7.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Excess tax benefits from stock options exercised</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>945</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Minimum pension liability adjustment (net of cumulative tax benefit of $154)</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>252</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(252</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Impact of adoption of FAS 158 (net of deferred taxes of $338)</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(716</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest rate swap  (including a tax expense of $1)</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(16</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(16</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Unrealized gain on marketable securities (including a tax benefit of $87)</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>184</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>184</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-6.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>Foreign currency translation adjustment</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>464</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>464</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Balances at January 31, 2007</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,530</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>55</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>25,327</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,037</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>397</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,973</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr style='height:3.85pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:3.85pt'>
<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="7" valign=top style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in; height:3.85pt'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net loss</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(298</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(298</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-8.55pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Adoption of FIN 48</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(505</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-8.55pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Issuance of stock</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,003</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,322</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-8.55pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options exercised </font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>254</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>932</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-8.55pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock-based compensation expense</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>504</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr style='height:23.75pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:23.75pt'>
<p style='margin-left:17.75pt;text-indent:-9.45pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Excess tax benefits from stock options exercised</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,466</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-9.45pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest rate swap</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr style='height:26.85pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:26.85pt'>
<p style='margin-left:17.75pt;text-indent:-9.45pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pension liability adjustment FAS 158 (net of deferred taxes of $483)</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(71</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(71</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in; height:26.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-6.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Unrealized gain on marketable securities (including a tax benefit of $87)</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(184</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(184</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:17.75pt;text-indent:-6.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>Foreign currency translation adjustment</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="16" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>783</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>783</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Balances at January 31, 2008</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,787</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>68</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46,551</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,234</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>927</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>232</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in'>
<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>
    <tr style='height:.05in'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:.05in'>
<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="7" valign=top style='padding:0in .7pt 0in 0in; height:.05in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in; height:.05in'>
<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>
    <tr style='height:12.15pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:12.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,689</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,689</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in; height:12.15pt'>
<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>
    <tr style='height:13.5pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:13.5pt'>
<p style='margin-left:17.75pt;text-indent:-7.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options exercised </font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>28</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>83</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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>
    <tr style='height:13.5pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:13.5pt'>
<p style='margin-left:17.75pt;text-indent:-7.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock-based compensation expense</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>745</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in; height:13.5pt'>
<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>
    <tr style='height:22.5pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:22.5pt'>
<p style='margin-left:17.75pt;text-indent:-7.65pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Tax deficiency from stock options exercised</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(457</font></p> </td>

        <td width="13" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="11" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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="7" valign=bottom style='padding:0in .7pt 0in 0in; height:22.5pt'>
<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>
    <tr style='height:23.75pt'>

        <td  colspan="2" valign=bottom style='padding:0in 1.45pt 0in 0in; height:23.75pt'>
<p style='margin-left:17.75pt;text-indent:-8.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Pension liability adjustment FAS 158 (net of deferred taxes of $749)</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="40" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="16" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="39" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="11" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="55" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(435</font></p> </td>

        <td width="10" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<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="84" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(435</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in; height:23.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:23.85pt'>

        <td  colspan="2" valign=top style='padding:0in 1.45pt 0in 0in; height:23.85pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Foreign currency translation </font><br>                                                 <font size=2>&nbsp;&nbsp;&nbsp;adjustment</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:23.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<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="40" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<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="16" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<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="39" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<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="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<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="10" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<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" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<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="11" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<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="55" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<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="84" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,227</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in; height:23.85pt'>
<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="84" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in;height:23.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2, 227</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in; height:23.85pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:17.15pt'>

        <td  colspan="2" valign=top style='padding:0in 1.45pt 0in 0in; height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=2>Balances at January 31, 2009</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in 0in; height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<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="40" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,815</font></p> </td>

        <td width="16" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<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="10" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="39" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>68</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<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="10" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="63" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46,922</font></p> </td>

        <td width="13" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="11" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<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="55" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,923</font></p> </td>

        <td width="13" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<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="10" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="84" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,735</font></p> </td>

        <td width="10" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=bottom style='border-bottom:double black 2.25pt; padding:0in .7pt 0in 0in;height: 17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="84" valign=bottom style='border-bottom: double black 2.25pt;padding: 0in .7pt 0in 0in;height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,027</font></p> </td>

        <td width="7" valign=bottom style='padding:0in .7pt 0in 0in; height:17.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.5pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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>See accompanying
Notes to Consolidated Financial Statements.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>30</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><B><font SIZE=2>CONSOLIDATED STATEMENTS OF CASH FLOWS</font></B></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="733" style='border-collapse:collapse'>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font
size=2>2008</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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  colspan="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Fiscal Year Ended January 31,</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><font size=2>(In thousands)</font></i></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2009</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2008</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2007</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Operating activities:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,689</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(298</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,593</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Adjustments, to reconcile net income to net cash flows from </font></p>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>operating activities:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Depreciation and amortization</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,776</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,431</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,067</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Impairment of goodwill</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,788</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock-based compensation expense</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>745</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>504</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>138</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Change in cash surrender value of deferred compensation plan</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>300</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(486</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(260</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:8.25pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Provisions for uncollectible accounts</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>114</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(157</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Gain) loss on sales of assets</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(108</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>60</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income from joint venture</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(104</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(23</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(491</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred income taxes</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(71</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,913</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>89</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gain on sale of marketable securities</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(258</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Changes in operating assets and liabilities:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accounts receivable</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(21,131</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,878</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(14,265</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Inventories</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8,297</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,452</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(12,029</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Prepaid expenses and other current assets</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,910</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,032</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>521</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accounts payable</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,995</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,561</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>943</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accrued compensation and payroll taxes</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,556</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(60</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,989</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Customer deposits</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,121</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,482</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,458</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income taxes receivable</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,174</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(648</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:15.75pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other assets and liabilities</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,198</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,609</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,435</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net cash used in operating activities</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,165</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(7,350</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(6,920</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:6.5pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:6.5pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:6.5pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:6.5pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:6.5pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investing activities:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Purchases of property and equipment</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(18,464</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,763</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8,269</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proceeds from sales of property and equipment</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>297</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>149</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Distributions from joint venture</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>286</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>450</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Proceeds from sales of marketable securities</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>258</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Acquisitions and investments, net</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(279</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net cash used in investing activities</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(18,167</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,070</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8,088</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:.05in'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financing Activities:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Borrowings under revolving, term, mortgage loans, and capitalized leases</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>130,668</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>111,388</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>212,306</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Repayments of debt</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(108,878</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(116,625</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(204,833</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent: 17.25pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net borrowings (repayment)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="56" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,790</font></p> </td>

        <td width="17" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="62" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,237</font></p> </td>

        <td width="17" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="12" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="62" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,473</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Payments on capitalized lease obligations</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(53</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(208</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Increase (decrease) in drafts payable</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>192</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(454</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,815</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Tax (expense) benefit of stock options exercised</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(457</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,466</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>945</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options exercised</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>83</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>932</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,160</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent: 8.25pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Issuance of stock</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,332 </font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0 </font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net cash provided by financing activities</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,555</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,831</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,385</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:8.75pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:8.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:8.75pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:8.75pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:8.75pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Effect of exchange rate changes on cash and cash equivalents</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,153</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(311</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>74</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Net increase (decrease) in cash and cash equivalents</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>70</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,100</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(549</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Cash and cash equivalents &#150; beginning of year</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,665</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>565</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,114</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Cash and cash equivalents &#150; end of year</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,735</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,665</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>565</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.1in'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:.1in'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Supplemental cash flow information:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Cash paid for:</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest, net of capitalized amounts</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,733</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>*</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,429</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,642</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Income taxes paid</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size=2>131</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,011</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>890</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:10.1pt'>

        <td width="431" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Fixed assets acquired under capital leases</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="7" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>521</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>124</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>372</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:10.1pt'>
<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>
    <tr style='height:13.05pt'>

        <td  colspan="13" valign=bottom style='padding:0in .7pt 0in .7pt; height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>* Interest paid during the year was $2,885 of which $152 was capitalized.&nbsp;</font></p> </td> </tr></table>
</div>

<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;See accompanying
Notes to Consolidated Financial Statements.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>31</font>
</A></p>

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

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

<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:left;'><B><font SIZE=2>MFRI, INC. AND SUBSIDIARIES</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>YEARS ENDED January 31, 2009, 2008 and 2007</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>(Tabular dollars in thousands, except per share amounts)</font></b></i></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;'><b><font size=2>Note 1 - Description of the Business and Segment Information</font></b></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. ("MFRI", the &#147;Company&#148;, or the &#147;Registrant&#148;) was incorporated on October 12, 1993.  MFRI is engaged in the manufacture and sale of products in three distinct business segments:  piping systems, filtration products and industrial process cooling equipment.</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;'><i><b><font size=2>Fiscal Year: </font></b></i><font size=2> The Company&#146;s fiscal year ends on January 31.  Years and balances described as 2008, 2007 and 2006 are the fiscal years ended January 31, 2009, 2008 and 2007, respectively.</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;'><i><b><font size=2>Nature of Business:</font></b></i><font size=2>  The piping systems business engineers, designs, manufactures and sells specialty piping systems and leak detection and location systems.  This segment&#146;s specialty piping systems include (i) industrial and secondary containment piping systems for transporting chemicals, waste streams and petroleum liquids, (ii) insulated and jacketed district heating and cooling piping systems for efficient energy distribution to multiple locations from central energy plants, and (iii) oil and gas gathering flow lines and long lines for oil and mineral transportation.  The piping systems business&#146;s leak detection and location systems are sold as part of many of its piping systems products, and on a stand-alone basis, to monitor areas where fluid intrusion may contaminate the environment, endanger personal safety, cause a fire hazard, impair essential services or
damage equipment or property.  The filtration products business manufactures and sells a wide variety of filter elements for use in industrial air filtration systems and particulate collection systems.  Air filtration systems are used in a wide variety of industries to limit particulate emissions, primarily to comply with environmental regulations.  The filtration products business markets air filtration related products and accessories, and provides maintenance services, consisting primarily of dust collector inspection, filter cleaning and filter replacement.  The industrial process cooling equipment business engineers, designs, manufactures and sells industrial process cooling equipment, including chillers, cooling towers, plant circulating systems, and related accessories for use in industrial process applications.  During the fourth quarter 2006, the Company created a new subsidiary that is not sufficiently large enough to constitute a reportable segment, which engages in the
installation of HVAC systems.  The Company&#146;s products are sold both within the U.S. and internationally.  </font></p>

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

<p style=' margin-bottom:3pt; margin-top:0pt;text-align:left;'><font size=2>MFRI&#146;s reportable segments are strategic businesses that offer different products and services.  Each is managed separately based on fundamental operating differences.  Each strategic business was acquired as a unit and management at the time of acquisition was retained.  The Company evaluates performance based on gross profit and income or loss from operations.</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:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>32</font>
</A></p>

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

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

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

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<HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The following is information relevant to the Company's business segments:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="737" style='border-collapse:collapse'>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font>                                             </p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>151,792</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>104,273</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>82,166</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>105,390</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>97,120</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>86,362</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>31,738</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>36,327</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,161</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,146</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,767</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,782</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Net sales</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>303,066</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>239,487</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>213,471</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.05in'>

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>37,871</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,952</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,780</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,424</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,776</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,230</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,919</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,508</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,274</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,734</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>121</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Gross profit</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>58,948</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,249</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>44,405</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.05in'>

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income (loss) from operations:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24,037</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,623</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,568</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,936</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,220</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,274</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,765</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,227</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,222</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8,544</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8,720</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(7,122</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Income from operations</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,792</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,896</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,942</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:2.5pt'>

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt; height:2.5pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:2.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:2.5pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:2.5pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:2.5pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Income (loss) before income taxes:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24,141</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,646</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,059</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,936</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,220</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,274</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,765</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,227</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,222</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(11,378</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(11,128</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(9,798</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Income before income taxes</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,062</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>511</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,757</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Segment assets:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>87,803</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>62,075</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>44,130</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>64,865</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>51,407</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>51,886</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,527</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,419</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,909</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17,953</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,511</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,515</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Segment assets</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>181,148</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>140,412</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>121,440</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Capital expenditures:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,641</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,190</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,260</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,925</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,500</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>972</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>73</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>187</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>371</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>825</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>886</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>666</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Capital expenditures</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,464</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,763</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,269</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:5.75pt'>

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:5.75pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:5.75pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Depreciation and amortization:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Piping Systems</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,210</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,063</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,848</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,626</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,459</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,332</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>368</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>393</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>413</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Corporate and Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>572</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>516</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>474</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Depreciation and amortization</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,776</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,431</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,067</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:5.05pt'>

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt; height:5.05pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:5.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:5.05pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:5.05pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:5.05pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Impairment of goodwill</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,688</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Industrial Process Cooling Equipment</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,100</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="410" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Impairment of goodwill</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,788</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>33</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Geographic Information:  </font></b></i><font size=2>Net sales are attributed to a geographic area based on the destination of the product shipment.  Long-lived assets are based on the physical location of the assets and consist of property, plant and equipment used in the generation of revenues in the geographic area.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="736" style='border-collapse:collapse'>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net Sales:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>United States</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>197,274</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>166,424</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>175,096</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>U.A.E.</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29,483</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,493</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,043</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Europe
(excluding Germany and Denmark)</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,473</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24,243</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,030</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>India</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,801</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>927</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>544</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Qatar</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,560</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,774</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>762</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Germany</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,857</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,746</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,801</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Bahrain</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,072</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>293</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Kuwait</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,078</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>446</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mexico, South America, Central America and the Caribbean</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,879</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,521</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,663</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Canada</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,742</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,350</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,370</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>
All other Asia</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,715</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,849</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,803</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Denmark</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,585</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,084</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,764</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Africa</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>999</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,029</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>734</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>548</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>754</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>415</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Net Sales</font>          </p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>303,066</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>239,487</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>213,471</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.05in'>

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Long-Lived Assets:</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>United States</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>30,892</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,601</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>20,744</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>U.A.E.</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,871</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,413</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,603</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>India</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,363</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>
<font size="2">Denmark</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,959</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,225</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,011</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:8.25pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>South Africa</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="64" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>171</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>162</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>83</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="408" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total Long-Lived Assets</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>47,256</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>35,401</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>33,441</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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;'><b><font size=2>Note 2 - Significant Accounting Policies</font></b></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;'><i><b><font size=2>Reclassifications:  </font></b></i><font size=2>Reclassifications were made to prior-year financial statements to conform to the current-year presentations.</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;'><i><b><font size=2>Use of Estimates:</font></b></i><font size=2>  The preparation of financial statements in conformity with generally accepted U.S. accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
</font><i><b><font size=2>Revenue Recognition:</font></b></i><font size=2>  The Company recognizes revenues including shipping and handling charges billed to customers, when all the following criteria are met:  (i) persuasive evidence of an arrangement exists, (ii) the seller&#146;s price to the buyer is fixed or determinable, and (iii) collectability is reasonably assured.  All subsidiaries of the Company, except as noted below, recognize revenues upon shipment or delivery of goods or services when title and risk of loss pass to customers.</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;'><i><b><font size=2>Percentage of Completion Revenue Recognition:</font></b></i><font size=2>  All divisions recognize revenues under the above stated revenue recognition policy except for sizable complex contracts - that require periodic recognition of income.  For these contracts, the Company uses "percentage of completion" accounting method.  Under this approach, income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete.  The choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project.  The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract.  Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined.  Changes in job performance, job
conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income.  Such revisions are recognized in the period in which they are determined.  Claims for additional compensation due the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated.</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:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>34</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Shipping</font></b></i><font size=2>&nbsp;</font><i><b><font size=2>and Handling:  </font></b></i><font size=2>Shipping and handling costs are included in cost of goods sold, and the amounts invoiced to customers relating to shipping and handling are included in net 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;'><i><b><font size=2>Operating Cycle:</font></b></i><font size=2> The length of the piping systems business&#146;s contracts vary, but are typically less than one year.  The Company includes in current assets and liabilities amounts realizable and payable in the normal course of contract completion unless completion of such contracts extends significantly beyond one year.  The Company&#146;s other businesses do not have an operating cycle beyond one year.</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;'><i><b><font size=2>Principles of Consolidation:</font></b></i><font size=2>  The consolidated financial statements include the accounts of the Company and its domestic and foreign subsidiaries, all of which are wholly owned.  All significant intercompany balances and transactions have been eliminated.  </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;'><i><b><font size=2>Translation of Foreign Currency:  </font></b></i><font size=2>Assets and liabilities of consolidated foreign subsidiaries are translated into U.S. dollars at exchange rates in effect at year-end.  Revenues and expenses are translated at average exchange rates prevailing during the year.  Gains or losses on foreign currency transactions and the related tax effects are reflected in net income.  The resulting translation adjustments are included in stockholders&#146; equity as part of accumulated comprehensive income. </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;'><i><b><font size=2>Contingencies:</font></b></i><font size=2>  The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, including those involving environmental, tax, product liability and general liability claims.  The Company accrues for such liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated.  Such accruals are based on developments to date, the Company&#146;s estimates of the outcomes of these matters, and its experience in contesting, litigating and settling other similar matters.  The Company does not currently anticipate the amount of any ultimate liability with respect to these matters will materially affect the Company&#146;s financial position, liquidity or future 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;'><i><b><font size=2>Cash and Cash Equivalents: </font></b></i><font size=2> All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents.  The balance is primarily cash and cash equivalents at the foreign subsidiaries.  The Company has not experienced any losses as a result of its cash concentration.  Consequently, no significant concentration of credit risk is considered to exist.  Accounts payable included drafts payable of $7,349,000 and $7,157,000 as of January 31, 2009, and 2008, respectively.  </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;'><i><b><font size=2>Restricted Cash:</font></b></i><font size=2>  The Loan Agreement requires that all payments by the Company&#146;s customers are deposited in a bank account from which all funds may only be used to pay the debt under the Loan Agreement.</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;'><i><b><font size=2>Accounts Receivable Collection:</font></b></i><font size=2>  The majority of the Company&#146;s accounts receivable are due from geographically dispersed contractors and manufacturing companies.  Credit is extended based on an evaluation of a customer&#146;s financial condition, including the availability of credit insurance.   Generally, collateral is not required. Accounts receivable are due within various time periods specified in the terms applicable to the specific customer and are stated at amounts due from customers net of an allowance for claims and doubtful accounts. The allowance for doubtful accounts was calculated using a percentage of sales method based upon collection history and an estimate of uncollectible accounts.  Management may exercise its judgment in adjusting the provision as a consequence of known items, such as current economic factors and credit trends.  Accounts receivable
adjustments are recorded against the allowance for doubtful accounts.</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;'><i><b><font size=2>Concentration of Credit Risk:  </font></b></i><font size=2>The Company has a broad customer base doing business in all regions of the U.S. as well as other areas in the world.  The Company maintains foreign credit insurance covering selected foreign sales not secured by letters of credit or guarantees from parent companies in the U.S.&nbsp;  This expense is included in general and administrative expense in the Consolidated Statements of Operations.  In the fiscal year ended January 31, 2009 and 2008, no customer accounted for 10% or more of net 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;'><i><b><font size=2>Other Comprehensive Income (Loss):</font></b></i><font size=2>  Other comprehensive income (loss) is defined as the change in equity resulting from transactions from non-owner sources.  Other comprehensive income (loss) consisted of the following: minimum pension liability, foreign currency translation, unrealized gain on marketable securities and interest rate swap.</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;'><i><b><font size=2>Pension Plan:</font></b></i><font size=2>  The Winchester facility has a defined benefit plan covering its hourly employees.  The benefits are based on fixed amounts multiplied by years of service of retired participants.  The Company engages outside actuaries to
calculate its obligations and costs. The funding policy is to contribute such
amounts as are necessary to provide</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>35</font>
</A></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></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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<HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>for benefits attributed to service to date and those expected to be earned in the future.  The amounts contributed to the plan are sufficient to meet the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974.</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;'><i><b><font size=2>Inventories:</font></b></i><font size=2>  Inventories are stated at the lower of cost or market.  Cost is determined using the first-in, first-out method for substantially all inventories.  Inventories consist of the following:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Raw materials</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,514</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>34,044</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Work in process</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,398</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,569</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Finished goods</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,880</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,756</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:13.5pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>53,792</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>44,369</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Less allowances</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,501</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,356</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:13.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Inventories, net</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>52,291</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>43,013</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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;'><i><b><font size=2>Long-Lived Assets:</font></b></i><font size=2>  Property, plant and equipment are stated at cost.  Interest is capitalized in connection with the construction of facilities and amortized over the asset&#146;s estimated useful life.  Interest of $152,000 was capitalized during 2008.  Long-lived assets are reviewed for possible impairment whenever events indicate that the carrying amount of such assets may not be recoverable. If such a review indicates impairment, the carrying amount of such assets is reduced to an estimated fair value.</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>Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from three to 30 years.   Leasehold improvements are depreciated over the remaining life of the lease or its useful life whichever is shorter.  Amortization of assets under capital leases is included in depreciation and amortization.</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 Company&#146;s investment in property, plant and equipment is summarized below:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="737" style='border-collapse:collapse'>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Land, buildings and improvements</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>31,862</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,453</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Machinery and equipment</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,871</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>36,107</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Furniture, office equipment and computer systems</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,004</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,057</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Transportation equipment</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>512</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>198</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:.5in;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>86,249</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>69,815</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Less accumulated depreciation and amortization</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38,993</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>34,414</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="403" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Property, plant and equipment, net</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>47,256</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>35,401</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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;'><i><b><font size=2>Assessment of Potential Impairments of Goodwill and Intangible Assets:  </font></b></i><font size=2>The Company incurred a fourth quarter and full year 2008 noncash charge of $2,788,000 related to the impairment of goodwill.</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 accordance with Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 142, &#147;Goodwill and Other Intangible Assets,&#148; during the first quarter each year the Company reviews the carrying value of goodwill.  The evaluation of impairment involved comparing the current fair value of the business to the carrying value.  The Company used a discounted cash flow model to determine the current fair value of its reporting units.  A number of significant assumptions and estimates were involved in the application of the model to forecast operating cash flows, including markets and market share, sales volumes and prices, costs to produce and working capital changes.  Management considered historical experience and all available information at the time the fair values of its reporting units were estimated.  However, actual fair values that could be realized in a transaction may differ from those used
to evaluate the impairment of goodwill.</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 recently completed goodwill impairment assessment followed the fourth quarter 2008 worsening of economic conditions.  These conditions impacted both the risks considered and the calculations made.  The assessment considered uncertainty about current economic market conditions in the U.S. and globally that may pose risks to the Company&#146;s customer demand.  Customers may postpone spending for capital improvement and maintenance projects in response to tighter credit markets or negative financial news.   The distressed financial markets caused the discount rates used in calculating the present value of estimated future cash flows to be higher than a year ago.  These conditions were reflected in the Company&#146;s goodwill impairment assessment.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>36</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>As a result, the estimated future cash flows of the filtration products business (whose goodwill was $1,688,000) and the industrial process cooling equipment business (whose goodwill was $1,100,000) were both lower than when goodwill impairment testing was done a year ago.  All of the Company&#146;s goodwill was deemed impaired and was written off with a noncash impairment charge.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>


        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Balance at beginning of year</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>2,826</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>2,613</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>Foreign currency translation effect</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>(38</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>213</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=2>Impairment of goodwill</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>(2,788</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=2>Balance at end of year</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p ><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p ><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p  align=right style='text-align:right'><font size=2>2,826</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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;'><i><b><font size=2>Other intangible assets with definite lives:</font></b></i><font size=2>  The Company owns several patents covering the features of its piping and electronic leak detection systems.  The patents are not material either individually or in the aggregate to the overall business because the Company believes sales in the business would not be materially reduced if patent protection were not available.&nbsp; Patents are capitalized and amortized on a straight-line basis over a period not to exceed the legal lives of the patents.  Gross patents were $2,494,000 and 2,447,000 as of January 31, 2009, and 2008.  Accumulated amortization was $2,202,000 and $2,098,000 as of January 31, 2009, and 2008, respectively.  Future amortizations over the next five years ending January 31 will be $107,000 in 2010, $87,000 in 2011, $35,000 in 2012, $35,000 in 2013, $28,000 in 2014.</font></p>

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

<p style=' margin-bottom:4pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Investment in Joint Venture:</font></b></i><font size=2>  In April 2002, the piping system business and two unrelated companies formed an equally owned joint venture to more efficiently market their complementary thermal insulation products and systems for use in undersea pipeline flow assurance projects worldwide.  On June 28, 2007, the piping system business loaned the joint venture $100,000.  The loan and interest were paid in 2008.</font><font face="Arial" size=2>  </font><font size=2>The Company accounts for its joint venture investment using the equity method.</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse; '>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Partner distributions from its joint venture</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>286</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>450</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Share of joint venture income</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>104</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>491</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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></table>
</div>

<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;'><i><b><font size=2>Research</font></b></i><b><font size=2>:</font></b><font size=2>  Research and development expenses consist of materials, salaries and related expenses of certain engineering personnel, and outside services related to product development projects.  Research and development costs are expensed as incurred. Research and development expense was $2,517,000 in 2008, $4,994,000 in 2007, and $4,722,000 in 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;'><i><b><font size=2>Financial Instruments: </font></b></i><font size=2> Gains and losses on hedges of existing assets, or liabilities are marked-to-market and the result is included within accumulated other comprehensive income in the consolidated financial statements.  Gains and losses on financial instruments that hedge firm future commitments are deferred until the underlying transactions are recognized or recorded immediately when the transaction is no longer expected to occur.  Gains or losses on financial instruments that do not qualify as hedges under Statement of Financial Accounting Standards No. 133, &#147;Accounting for Derivative Instruments and Hedging Activities&#148; are recognized immediately as income or expense.</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;'><i><b><font size=2>Income Tax Provision:</font></b></i><font size=2>  Income taxes are in accordance with Statement of Financial Accounting Standard No. 109, or FAS 109, Accounting for Income Taxes, as clarified by FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (&#147;FIN 48&#148;).  Deferred income taxes have been provided for temporary differences arising from differences in basis of assets and liabilities for tax and financial reporting purposes.  Deferred income taxes on temporary differences have been recorded at the current tax rate.  The Company assessed its deferred tax assets for realizability at each reporting 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>FIN
48 requires that the Company recognize the financial statement benefit of a tax
position only after determining that the relevant tax authority would more
likely than not sustain the position following an audit. For tax positions
meeting the more-likely-than-not threshold, the amount recognized in the
financial statements is the largest benefit that has a greater than 50 percent
likelihood of being realized upon ultimate settlement with the relevant tax
authority.&nbsp; For further information, see Note 7 &#150; Income Taxes, in the Notes to Consolidated Financial Statements. </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;'><i><b><font size=2>Net Income Per Common Share:</font></b></i><font size=2>  Earnings per share (&#147;EPS&#148;) are computed by dividing net income by the weighted average number of common shares outstanding (basic) plus all potentially dilutive common shares outstanding during the year (diluted).  The computation of diluted EPS for the year ended January 31, 2008 excluded 111 stock options due to the loss for the period.  </font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>37</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The basic weighted average shares reconcile to diluted weighted average shares as follows:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse; '>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic weighted average number of common shares outstanding</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,797</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,627</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,358</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Dilutive effect of stock options</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>56</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>242</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Weighted average number of common shares outstanding assuming</font><br> <font size=2>&nbsp;&nbsp;&nbsp; full dilution</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,853</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,627</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,600</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.35pt;text-indent:-9.35pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average number of stock options not included in the computation of diluted EPS of common stock because the option exercise prices exceeded the average market prices</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>292</font></p> </td>

        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="17" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>143</font></p> </td>

        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="14" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='padding:0in .7pt 0in .7pt'>
<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="60" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expired or canceled options during the year</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>20</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>25</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options with an exercise price below the average stock price</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>258</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>294</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>548</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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></table>
</div>

<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 2008, a total of 27,650 stock options were exercised.  From February 1, 2009 through March 31, 2009, 450 stock options were exercised.</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;'><i><b><font size=2>Stock Options:</font><font size=2> </font></b></i><font size=2>Stock</font><i><b><font size=2> </font></b></i><font size=2>compensation expense for employee equity awards are recognized ratably over the requisite service period of the award.&nbsp;&nbsp;The Black-Scholes option-pricing model is utilized to estimate the fair value of awards.&nbsp;&nbsp;Determining the fair value of stock options using the Black-Scholes model requires judgment, including estimates for (1) risk-free interest rate &#150; an estimate based on the yield of zero&#150;coupon treasury securities with a maturity equal to the expected life of the option; (2) expected volatility &#150; an estimate based on the historical volatility of the Company&#146;s Common Stock; and (3) expected life of the option &#150; an estimate based on historical experience including the effect of employee terminations.&nbsp;&nbsp;If any of these
assumptions differ significantly from actual, stock-based compensation expense could be impacted.</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;'><i><b><font size=2>Fair Value of Financial Instruments</font></b><font size=2>:  </font></i><font SIZE=2>T</font><font size=2>he carrying values of cash and cash equivalents, accounts receivable and accounts payable are reasonable estimates of their fair value due to their short-term nature.  The carrying amount of the Company&#146;s short-term debt, revolving line of credit and long term debt approximate fair value because the majority of the amounts outstanding accrue interest at variable rates.</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;'><i><b><font size=2>New Accounting Pronouncements:</font></b></i><font size=2> </font><i><b><font size=2> </font></b></i><font size=2>In December 2008, the Financial Accounting Standards Board (&#147;FASB&#148;) issued FSP 132(R)-1, &#147;Employers&#146; Disclosures about Postretirement Benefit Plan Assets&#148; (FSP 132(R)-1).&nbsp; FSP 132(R)-1 requires additional disclosures for plan assets of defined benefit pension or other postretirement plans.&nbsp; The required disclosures include a description of the investment policies and strategies, the fair value of each major category of plan assets, the inputs and valuation techniques used to measure the fair value of plan assets, the effect of fair value measurements using significant unobservable inputs on changes in plan assets, and the significant concentrations of risk within plan assets.&nbsp; FSP 132(R)-1 does not change the accounting treatment for postretirement
benefit plans.&nbsp; FSP 132(R)-1 is effective for the Company for fiscal year 2009.</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 September 2006, the FASB issued SFAS&nbsp;157, &#147;Fair Value Measurements&#148;, which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements.&nbsp;&nbsp;SFAS&nbsp;157 does not require any new fair value measurements, but provides guidance on how to measure fair value by providing a fair value hierarchy used to classify the source of the information.&nbsp;&nbsp;This statement was effective for fiscal years beginning after November&nbsp;15, 2007.&nbsp;&nbsp;On February&nbsp;14, 2008, the FASB issued FSP FAS&nbsp;No.&nbsp;157-1 &#147;Application of FASB Statement No.&nbsp;157 to FASB Statement 13 and Other Accounting Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement Under Statement 13&#148; (SFAS 157-1) that amends SFAS&nbsp;157 to exclude
its application for purposes of lease classification or measurement under SFAS&nbsp;13.&nbsp;&nbsp;On February&nbsp;12, 2008, the FASB issued Staff Position Financial Accounting Standard (FSP FAS) No.&nbsp;157-2 &#147;Effective Date of FASB Statement No.&nbsp;157&#148; (FSP 157-2) that amends SFAS&nbsp;157 to delay the effective date for all non-financial assets and non-financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis to fiscal years beginning after November&nbsp;15, 2008.&nbsp;&nbsp;The Company adopted the required provisions of SFAS&nbsp;157-1 effective January&nbsp;1, 2008 and there was no material effect on its consolidated financial statements.  The Company has adopted FSP&nbsp;157-2 to delay the adoption effects related to non-financial assets and does not anticipate there will be a material effect on its consolidated financial statements.&nbsp;&nbsp;In October 2008, the FASB issued
FSP&nbsp;157-3, &#147;Determining the Fair Value of a Financial Asset in a Market That Is Not Active.&#148;&nbsp;&nbsp;The FSP was effective upon issuance, including periods for which financial statements have not been issued. The FSP clarified the application of SFAS&nbsp;157
in an inactive</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:center;'><A NAME="PAGENUM"><font size=2>38</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>market and provided an illustrative example to demonstrate how the fair value of a financial asset is determined when the market for that financial asset is inactive.&nbsp;&nbsp;The adoption of this FSP FAS&nbsp;157-3 did not have a material impact on the Company&#146;s consolidated financial statements.
In April 2008, the FASB issued FASB Staff Position No. FAS 142-3, </font><i><font size=2>Determination of the Useful Life of Intangible Assets </font></i><font size=2>(&#147;FSP No. FAS 142-3&#148;).  FSP No. FAS 142-3 requires companies estimating the useful life of a recognized intangible asset to consider their historical experience in renewing or extending similar arrangements or, in the absence of historical experience, to consider assumptions that market participants would use about renewal or extension as adjusted for SFAS 142&#146;s, </font><i><font size=2>Goodwill and Other Intangible Assets,</font></i><font size=2> entity-specific factors. FSP No. FAS 142-3 will be effective for fiscal years beginning after December 15, 2008.  The Company is currently evaluating the potential impact of adoption of FSP No. FAS 142-3 on its consolidated financial statements.  However, the Company does not expect the adoption of FSP No. FAS 142-3 to have a material effect on its consolidated
financial statements.</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>Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption.  </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;'><b><font size=2>Note 3 - Retention</font></b></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>Retention receivable is the amount withheld by a customer until a contract is completed.  Retention receivables of $3,303,000 and $346,100 were included in the balance of trade accounts receivable as of January 31, 2009, and 2008, respectively.</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>Retention payable is the amount withheld by the Company until a contract is completed.  Retention payables of $300,600 and $11,000 were included in the balance of trade accounts payable as of January 31, 2009, and 2008, respectively.</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;'><b><font size=2>Note 4 - Costs and Estimated Earnings on Uncompleted Contracts</font></b></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Costs incurred on uncompleted contracts</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>43,974</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,541</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Estimated earnings</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,059</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,938</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Earned revenue</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>55,033</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29,479</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Less billings to date</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>55,147</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>27,582</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(114</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,897</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Classified as follows:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td  colspan="6" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Costs and estimated earnings in excess of billings on uncompleted contracts</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,472</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,449</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td  colspan="5" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Billings in excess of costs and estimated earnings on uncompleted contracts</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,586</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,552</font></p> </td>

        <td width="18" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(114</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,897</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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;'><b><font size=2>Note 5 - Debt </font></b></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>Debt consisted of the following:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Revolving line domestic</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,762</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,582</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mortgage notes</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,557</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,296</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Revolving lines foreign</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,957</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,162</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Term loans</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,110</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,907</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Capitalized lease obligations (see
note 6 - Lease Information)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>497</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>293</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total debt</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>54,883</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>34,240</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Less current maturities</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,793</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,532</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total long-term debt</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>42,090</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>19,708</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>39</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The following table summarizes the Company&#146;s scheduled maturities at January 31, 2009:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="730" style='border-collapse:collapse'>
    <tr >

        <td width="212" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Total</font></b></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/10</font></b></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/11</font></b></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/12</font></b></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/13</font></b></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>1/31/14</font></b></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Thereafter</font></b></p> </td>

        <td  width="9">
<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="212" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Revolving line domestic</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,762</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,762</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="212" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mortgages </font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,557</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>660</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>698</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>747</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>458</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>273</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,721</font></p> </td>

        <td  width="9">
<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="212" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Revolving line foreign</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,957</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,931</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,568</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>458</font></p> </td>

        <td  width="9">
<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="212" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Term loans </font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,110</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,032</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,989</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>391</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>193</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>467</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38</font></p> </td>

        <td  width="9">
<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="212" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Capitalized lease obligations</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>497</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>170</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="52" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>187</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>140</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="50" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="51" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="212" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>54,883</font></p> </td>

        <td width="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,793</font></p> </td>

        <td width="9" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>29,204</font></p> </td>

        <td width="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,278</font></p> </td>

        <td width="9" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="50" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>651</font></p> </td>

        <td width="9" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>740</font></p> </td>

        <td width="10" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="70" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,217</font></p> </td>

        <td  width="9">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr></table>
</div>

<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>At January 31, 2009, the Company was in compliance with covenants under the Loan Agreement as defined below.&nbsp;&nbsp; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On July 11, 2002, the Company entered into a secured loan and security agreement with a financial institution ("Loan Agreement").  The Loan Agreement was amended and restated on December 15, 2006.  Under the terms of the Loan Agreement, which matures on November 13, 2010, the Company can borrow up to $38,000,000, subject to borrowing base and other requirements, under a revolving line of credit.  The Loan Agreement covenants restrict debt, liens, and investments, do not permit payment of dividends, and require attainment of certain levels of profitability and cash flows. Interest rates generally are based on options selected by the Company as follows:  (a) a margin in effect plus a prime rate; or (b) a margin in effect plus the LIBOR rate for the corresponding interest period.  At January 31, 2009, the prime rate was 3.25%, and the margins added to the prime rate and the LIBOR rate, which are determined each
quarter based on the applicable financial statement ratio, were 0.25 and 2.25 percentage points, respectively.  Monthly interest payments were made.  The average interest rate for the year ending January 31, 2009 was 4.94%.  </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 Company has two material debt covenants.  (1) Consolidated EBITDA for the four consecutive fiscal quarters, (but excluding any extraordinary gains for such period) plus the amount of any expenses or charges deducted there from for the applicable period in connection with the closure and write down of the company&#146;s facility in Cicero, Illinois, provided that the aggregate amount of add-backs to EBITDA as a result of any such charges or expenses shall not exceed $2,500,000.  The company is required to achieve EBITDA of at least $8,000,000 each fiscal quarter. (2) Consolidated fixed charge coverage at the end of each month is required to be at least 1.0 for the twelve months then ended, unless collateral availability exceeds amounts borrowed by at least $6,500,000.  Fixed charge coverage is a fraction whose numerator equals EBITDA minus capital expenditures (but excluding capital expenditures separately
financed) and minus cash income taxes, and the denominator equals cash interest expense and loan principal payments (but excluding principal payments of revolving loans).  At January 31, 2009, the Company was in compliance with covenants under the Loan Agreement.&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>As of January 31, 2009, the Company had borrowed $23,761,900 and had $50,300 available to it under the revolving line of credit.  In addition, $1,232,400 of availability was used under the Loan Agreement primarily to support letters of credit to guarantee amounts committed for inventory purchases.  The Loan Agreement provides that all payments by the Company's customers are deposited in a bank account from which all funds may only be used to pay the debt under the Loan Agreement.  At January 31, 2009, the amount of restricted cash was $220,400.  Cash required for operations is provided by draw-downs on the line of credit.</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 Company guarantees the subsidiaries' debt including all foreign debt.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b>
<font size=2>Mortgages:  </font></b></i><font size=2>On March 4, 2008, the Company borrowed $5,440,000 under a mortgage note secured by the filtration products manufacturing facility located in Bolingbrook, Illinois.  The 25 year mortgage resets its interest rate every five years based on a published index.  The initial interest rate is 6.54% during the first five years with monthly payments of $36,867 for principal and interest combined.</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>On January 18, 2008, the Company borrowed $3,675,000 under a mortgage note secured by its manufacturing and office facility in Niles, Illinois.  The loan bears interest at 6.26% with monthly payments of $22,652 for both principal and interest based on an amortization schedule of 30 years with a balloon payment at the end of the ten-year term.</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>On December 31, 2005, the Company obtained a loan in the amount of 7,067,000 Danish Kroners (&#147;DKK&#148;) (approximately $1,122,000 U.S. dollars at the prevailing exchange rate at the time of the transaction) from a Danish bank to partially finance a building addition at its Filtration facility in Denmark.  The loan has a term of twenty years.  The loan bears interest at 4.28% with quarterly payments of $23,500 for both principal and interest.</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:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>40</font>
</A></p>

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

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

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

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<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>On May 11, 2005, the Company obtained a loan in the amount of 3,241,500 DKK (approximately $536,000 U.S. dollars at the prevailing exchange rate at the time of the transaction) from a Danish bank to partially finance the building addition.  The loan has a term of twenty years.  The loan bears interest at 4.89% with quarterly payments of $10,700 for both principal and interest.</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>On July 31, 2002, Perma-Pipe, Inc. borrowed $1,750,000 under a mortgage note secured by its manufacturing facility in Lebanon, Tennessee.  From the proceeds, $1,000,000 was used for a payment of amounts borrowed under the Note Purchase Agreements with the remaining proceeds used to repay amounts borrowed under the Loan Agreement. The loan bears interest at 7.75% with monthly payments of $21,001 for both principal and interest, and has a ten year term. </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>On April 26, 2002, Midwesco Filter borrowed $2,025,000 under a mortgage note secured by its manufacturing facility in Winchester, Virginia.  Proceeds from the mortgage, net of a prior mortgage loan were used to make principal payments to the lenders under the Prior Term Loans and the bank which was the lender under the Company&#146;s revolving line of credit at that time.  The loan bears interest at 7.10% with a monthly payment of $23,616 for both principal and interest, and has a ten year term.</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>On June 1, 1998, the Company obtained a loan in the amount of 4,500,000 DKK (approximately $650,000 U.S. dollars at the prevailing exchange rate at the time of the transaction) from a Danish bank to partially finance the acquisition of Boe-Therm A/S (&#147;Boe-Therm&#148;).  It is secured by the land and building of Boe-Therm, bears interest at 6.48% and has a term of twenty years.  Another loan in the amount of 850,000 DKK  (approximately $134,000 U.S. dollars at the prevailing  exchange rate at the time of the  transaction)  was  obtained  on January 1, 1999 to acquire land and a building,  bears  interest at 6.1% and has a term of twenty  years.  The interest rates on both the twenty-year loans are guaranteed for the first ten years, after which they will be renegotiated based on prevailing market conditions.</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;'><i><b><font size=2>Revolving lines foreign: </font></b></i><font size=2>The Company also has short-term credit arrangements used by its Denmark and U.A.E. subsidiaries.  These credit arrangements are generally in the form of overdraft facilities at rates competitive in the countries in which the Company operates.  The interest rate at the Denmark subsidiaries was 6.1% at January 31, 2009, and the interest rate at the U.A.E subsidiaries was 8.5% at January 31, 2009.  At January 31, 2009, borrowings under these credit arrangements totaled $11,957,000; an additional $2,835,000 remained unused.</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;'><i><b><font size=2>Term loans:</font></b></i><font size=2>  On November 1, 2008, the filtration products business Bolingbrook location entered into a capital lease in the amount of $537,400.  Proceeds were used to purchase improvements for the facility.  The loan bears interest at 7.55% with a monthly payment of $16,125 for both principal and interest, and has a three year term.</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>On March 9, 2007, the filtration products business Denmark location obtained a loan in the amount of 1,343,200 Euros (approximately $1,765,000 U.S. dollars at the prevailing exchange rate at the time of the transaction) from a Danish bank to finance capital expenditures and other expenses.  The loan matures May 2011.  The loan bears interest at a floating rate at January 31, 2009 of 5.00% per annum with monthly principal payments of $35,300.</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>On August 28, 2007, the Company amended and restated the Term Loan Note to $3,000,000 ("Term Loan").  In March 2005, the Company&#146;s Loan Agreement was amended to add a term loan.  Interest rates under the Term Loan are based on options selected by the Company as follows:  (a) a margin in effect plus a prime rate; or (b) a margin in effect plus the LIBOR rate for the corresponding interest period.  At January 31, 2009, the prime rate was 3.25% and the Libor rate was 0.5%, and the margins added to the prime rate and the LIBOR rate, which are determined each quarter based on the applicable financial statement ratio, were 0.50 and 2.5 percentage points, respectively.  The Company is scheduled to pay $107,000 of principal on the first days of March, June, September, and December in each year ending on September 30, 2010, with the remaining unpaid principal payable on November 30, 2010. </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>On August 31, 2006, the Company obtained a loan in the amount of 5,200,000 U.A.E. Dirhams (&#147;AED&#148;) (approximately $1,416,000 U.S. dollars at the prevailing exchange rate at the time of the transaction) from a U.A.E. bank to finance capital expenditures.  The loan matures January 2012.  The loan bears interest at rate between 8.75% and 9.5% per annum with quarterly principal payments of $93,600.</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>On April 30, 2006, the Company obtained a loan in the amount of 5,500,000 AED (approximately $1,498,000 U.S. dollars at the prevailing exchange rate at the time of the transaction) from a U.A.E. bank to finance capital expenditures.  The loan matures January 2010.  The loan bears interest at Ebor/Libor (5.625%) plus 4% per annum with quarterly principal payments of $100,000.</font></p>

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<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-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>On December 30, 2005, Perma-Pipe, Inc. borrowed $900,000 under an equipment loan secured by equipment.  The loan bears interest at 6.23% with monthly payments of $13,400 for both principal and interest, and has a seven year term. </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>On April 8, 2003, the Company obtained a loan from a Danish bank to purchase equipment and office furniture for a building for its Filtration facility in Denmark, in the amount of 700,000 Euro, approximately $754,600 U.S. dollars at the exchange rate prevailing at the time of the transaction. The loan has a term of ten years. The loan bears interest at 6.1% with quarterly payments of $9,400 for both principal and interest.</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;'><b><font size=2>Note 6 - Lease Information</font></b></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 following is an analysis of property under capitalized leases:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Machinery and equipment</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>460</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>164</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Furniture and office equipment</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>478</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>252</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Transportation equipment</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>86</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>67</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:5.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,024</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>483</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Less accumulated amortization</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>438</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>456</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>586</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>27</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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 piping systems business leases manufacturing and warehouse facilities, land, transportation equipment and office space under non-cancelable operating leases, which expire beginning 2009 through 2017.  The filtration products business leases approximately 67,000 square feet of production and office space under an operating lease, which began in June 2004 and expires in July 2010.  Management expects that these leases will be renewed or replaced by other leases in the normal course of business.</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>At January 31, 2009, future minimum annual rental commitments under non-cancelable lease obligations were as follows:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Operating Leases</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Capital Leases</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2009</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,464</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>200</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2010</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>804</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>199</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2011</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>301</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>151</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2012</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>104</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2013</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>73</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Thereafter</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>65</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:5.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,811</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>550</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Less Amount representing interest</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>53</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Future minimum lease payments </font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,811</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>497</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="727" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="726" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>
Rental expense for operating leases was $2,307,000, $1,690,800 and $1,333,900 in 2008, 2007 and 2006, respectively.  </font></p> </td>

	</tr></table>
</div>

<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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>42</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 7 - Income Taxes</font></b></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 following is a summary of domestic and foreign income (loss) before income taxes: </font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Domestic</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,272</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,700</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,895</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Foreign</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,334</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,189</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,138</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,062</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>511</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,757</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=2>Components of income tax expense (benefit) are as follows:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Current</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Federal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>456</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,581</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,417</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Foreign</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,324</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>86</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>197</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>State and other</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>272</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>384</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>462</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:5.25pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,052</font></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,051</font></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,076</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Deferred:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Federal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(374</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,234</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>72</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Foreign</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(534</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(159</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>118</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>State and other</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>229</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>151</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(102</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:5.25pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(679</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,242</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>88</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,373</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>809</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,164</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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 (deficiency) excess tax benefit related to stock options recorded through equity was ($457,000), $1,466,000, and $945,000 in 2008, 2007 and 2006, which did not affect net income in 2008, 2007 and 2006.  The amounts were recorded to additional paid-in capital on the consolidated balance sheet and in financing activities on the consolidated statement of cash flows.  The deficiency in 2008 related to removing foreign employee stock option grants from the stock compensation expense and its associated deferred tax item.</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 2007 income tax expense included a charge for valuation of the net operating loss (&#147;NOL&#148;) carryforwards.  During the fourth quarter of 2007, management determined that all of its foreign NOL carryovers and most of its state NOL carryovers were no longer more likely than not realizable.  Additional tax expense of $583,000 was recorded to establish a valuation allowance against those deferred tax assets.  Management believes that the remainder of its deferred tax assets, which primarily relate to its profitable domestic operations, are more likely than not to be realized.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The difference between the provision for income taxes and the amount computed by applying the Federal effective rate of 34% was as follows:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Tax expense at federal statutory rate</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="69" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,741</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>174</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,297</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Foreign rate tax (benefit) expense differential</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,573</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>32</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>702</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Impairment on goodwill</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>948</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Valuation allowance for net operating losses *</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>404</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>583</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>State tax expense (benefit), net of federal benefit</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>308</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>125</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>160</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Return to provision adjustments</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>194</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>68</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(33</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Research tax credit</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(120</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(223</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(826</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other &#150; net</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="69" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>471</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>50</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(136</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="69" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,373</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>809</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="59" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,164</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td  colspan="9" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>*&nbsp;Valuation allowances against foreign and state net operating loss benefits:</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>
2008</font></b></p> </td>

        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="59" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>
2007</font></b></p> </td>

        <td width="17" valign=bottom style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="14" valign=bottom style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="13" valign=bottom style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="59" valign=bottom style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>For current year operating losses</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
404</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
298</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="59" valign=top style='padding:0in .7pt 0in .7pt'>
&nbsp;</td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>For prior year operating loss carryovers</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
583</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="59" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>285</font></p> </td>

        <td width="17" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="14" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="13" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="59" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="399" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:13.5pt;text-indent:-4.5pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Total</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>
987</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="59" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>583</font></p> </td>

        <td width="17" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="14" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="13" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="59" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>43</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Company has a Federal operating loss carryforwards of $3,448,000 with a recognized tax benefit of $1,272,000 that will expire in 2029.
</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The deferred tax asset for state operating loss carryforwards of $479,000 relates to amounts that expire at various times from 2009 to 2029. The amount that will expire in 2009 is approximately $10,000. A valuation allowance has been established for approximately $390,000 of this tax asset based upon an assessment that it is more likely than not that realization cannot be assured in certain tax jurisdictions.
</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>&nbsp;</p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The Company has a deferred tax asset for foreign operating loss carryforwards of $550,000&nbsp;that can be carried forward indefinitely.  The Company also has a deferred tax asset for foreign operating loss carryforwards of $597,000 for which a 100% valuation allowance has been established based upon an assessment that it is more likely than not that realization cannot be assured. The ultimate realization of this tax benefit is dependent upon the generation of sufficient operating income in the respective tax jurisdictions.  This benefit can be carried forward indefinitely.</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>Components of the deferred income tax asset balances were as follows:</font></p>

<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Research tax credit</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,334</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,003</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>U.S. federal NOL carryover</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,272</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accrued commissions and bonuses</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,207</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,226</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Foreign NOL carryover</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,146</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>299</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other accruals not yet deducted</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>980</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>988</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-qualified deferred compensation</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>821</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,161</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>State NOL carryover</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>479</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>298</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>FAS 123R stock compensation</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>445</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>200</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Inventory valuation allowance</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>415</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>472</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accrued pension</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>284</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>132</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Inventory uniform capitalization</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>133</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>132</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Goodwill</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>80</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>166</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Other</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>102</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>108</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subtotal</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,698</font></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,185</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Valuation allowance for net operating losses</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(987</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(583</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net deferred tax asset</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,711</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,602</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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>Components of deferred income tax liability balances were as follows:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="740" style='border-collapse:collapse'>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="61" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="18" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="14" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="13" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="60" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Depreciation </font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,471</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>162</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Foreign deferred liability</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>300</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>189</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Prepaid</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>264</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>342</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Total</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,035</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>693</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p  style='margin-top:1.0pt'><font size=2>The classifications in the balance sheet were:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="61" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="18" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="14" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="13" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="60" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
&nbsp;</td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Current assets</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,171</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,488</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Long-term assets</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,505</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,421</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>Net deferred tax asset</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,676</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,909</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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 the first quarter of 2007, the Company adopted FIN 48.  The total amount of unrecognized tax liability as of February 1, 2007 was approximately $573,700, all of which would impact the effective tax rate if recognized.  A decrease of $504,500 was recorded to retained earnings as of February 1, 2007 upon the adoption of FIN 48.  These non-current income tax liabilities are recorded in other long-term liabilities in the consolidated balance sheet.  Included in the total unrecognized tax liability were estimated accrued interest of $57,300 and penalties of $51,000.  The Company&#146;s policy is to include interest and penalties in income tax expense.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>44</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The following table summarizes unrecognized tax benefit activity, excluding the related accrual for interest:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="400" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Description</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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  colspan="3" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="400" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Balance at beginning of the year</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>704</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="65" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>574</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="400" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Increases (decreases) in positions taken in a prior period</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="65" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="400" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Increases in positions taken in a current period</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>71</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="65" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>196</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="400" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Decreases due to lapse of statute of limitations</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(7</font></p> </td>

        <td width="17" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="65" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(58</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="400" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Balance at end of the year</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>775</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="65" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>704</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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></table>
</div>

<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 Company is subject to income taxes in the U.S. federal jurisdiction, and various states and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply.  Generally, tax years back to January 31, 2006 are open for federal and state tax purposes.  In addition, federal and state tax losses generated in years January 31, 2001 through January 31, 2005 are subject to adjustment on audit, up the amount of loss claimed in those years. </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 Company&#146;s management periodically estimates the probable tax obligations of the Company using historical experience in tax jurisdictions and informed judgments.  There are inherent uncertainties related to the interpretation of tax regulations in the jurisdictions in which the Company transacts business. The judgments and estimates made at a point in time may change based on the outcome of tax audits, as well as changes to or further interpretations of regulations. If such changes take place, there is a risk that the tax rate may increase or decrease in any period. Tax accruals for tax liabilities related to potential changes in judgments and estimates for federal, foreign and state tax issues are included in current liabilities on the consolidated balance sheet.</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;'><b><font size=2>Note 8 - Employee Retirement Plans</font></b></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;'><i><b><font size=2>Pension Plan</font></b></i></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>The Winchester facility has a defined benefit plan covering its hourly rated employees.  The benefits are based on fixed amounts multiplied by years of service of retired participants.  The Company engages outside actuaries to calculate its obligations and costs.  The funding policy is to contribute such amounts as are necessary to provide for benefits attributed to service to date and those expected to be earned in the future.  The amounts contributed to the plan are sufficient to meet the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974.  The Company may contribute additional amounts at its discretion. </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 market related value of plan assets at January 31, 2009 was $3,047,730; 2,866,458 in Vanguard Balanced Index Fund, $45,036 in Vanguard REIT Index Fund, $136,149</font><font face="Arial" size=2> </font><font size=2>in Fifth Third Banksafe Trust and $88 accrued income.  The plans hold no securities of MFRI, Inc. 100% of the assets are held for benefits under the plan.  The target asset allocation was 95% to 100% mutual funds.  The investment policy is to invest substantially all funds not needed to pay benefits and investment expenses for the year, with target asset allocations of 60% equities (plus or minus 10%) and 40% fixed income (plus or minus 10%), diversified across a variety of sub-asset classes and investment styles, following a flexible asset allocation approach that will allow the plan to participate in market opportunities as they become available.  At January 31, 2009, 95.5% of plan assets were
held in mutual funds and the remaining 4.5% was in a money market fund.  The expected long-term rate of return on assets is based on historical long-term rates of equity and fixed income investments and the asset mix objective of the funds.</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>Investment market conditions in late 2008 resulted in a negative $946,000 actual return on plan assets as presented below, which reduced the fair value of plan assets at year end, as is also presented below.  As a result, the actuarially calculated contributions as required under the provisions of the Employment Retirement Income Security Act of 1974 and the Internal Revenue Code as amended, including the Pension Protection Act of 2006 (PPA) resulted in a contribution of $302,000 being made during February 2009, to attain funding targets necessary to avoid PPA restrictions on the plan with respect to benefit increases and payments.  While recognizing the 2008 market losses, the Company did not change its 8% expected return on plan assets used in determining cost and benefit obligations, the return that the Company has assumed during every profitable and unprofitable investment year since 1991. The plan&#146;s
investments are intended to earn long-term returns to fund long-term obligations, and investment portfolios with asset allocations similar to those of the plan&#146;s investment policy have attained such returns over several decades.  The effects of market conditions and investment losses
on the plan's net periodic benefit and cost amortization of actuarial loss &nbsp;</font></p>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>45</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>were
not material&nbsp; to the Company&#146;s results of operations or financial position.  The February 2009 contribution did not materially affect the Company&#146;s liquidity, nor are future contributions that may be necessary to maintain funding requirements expected to materially affect the Company&#146;s liquidity.  The Company does not expect the decrease in plan assets to have any impact on the Company&#146;s future 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>The following provides a reconciliation of benefit obligations, plan assets and funded status of the plan:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accumulated benefit obligations:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vested benefits</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,820</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,928</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accumulated benefits</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,933</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,030</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr style='height:.05in'>

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Change in benefit obligation:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Benefit obligation &#150; beginning of year</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,290</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,991</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Service cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>125</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>113</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>238</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>222</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amendments</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Actuarial (gain) loss</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(419</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>79</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Benefits paid</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(131</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(115</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Benefit obligation &#150; end of year</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,103</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,290</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:.05in'>

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt;height:.05in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.05in'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Change in plan assets:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fair value of plan assets &#150; beginning of year</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,912</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,869</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Actual return on plan assets (loss) gain</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(946</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>61</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Company contributions</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>213</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>97</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Benefits paid</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(131</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(115</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Fair value of plan assets &#150; end of year</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,048</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,912</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Funded status</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,055</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(378</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr style='height:.1in'>

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt; height:.1in'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amounts recognized in accumulated other comprehensive income:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net loss</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,530</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>721</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Prior service cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>442</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>549</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.35pt;text-indent:-9.35pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net amount recognized </font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='border-bottom:2px solid #000000; padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=bottom style='border-bottom:2px solid #000000; padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,972</font></p> </td>

        <td width="18" valign=bottom style='border-bottom:2px solid #000000; padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="14" valign=bottom style='border-bottom:2px solid #000000; padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<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="13" valign=bottom style='border-bottom:2px solid #000000; padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=bottom style='border-bottom:2px solid #000000; padding-left:.7pt; padding-right:.7pt; padding-top:0in; padding-bottom:0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,270</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:9.0pt;text-indent:-9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The amount of prior service cost and net loss to be amortized in the following year is $107</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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></table>
</div>

<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>Weighted-average assumptions used to determine net cost and benefit obligations for years ended January 31:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>End of year benefit obligation</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6.490</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.692</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Service cost discount rate</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.692</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.710</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected return on plan assets</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8.000</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8.000</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="404" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Rate of compensation increase</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>N/A</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>N/A</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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></table>
</div>

<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>For 2008, the discount rate was based on a Citigroup yield curve of high quality fixed income investments with cash flows matching the plans' expected benefit payments.  The Company determines the expected long-term rate of return on plan assets by performing a detailed analysis of historical and expected returns based on the strategic asset allocation approved by the Board of Directors and the underlying return fundamentals of each asset class. The Company&#146;s historical experience with the pension fund asset performance is also considered.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="740" style='border-collapse:collapse'>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Components of net periodic benefit cost:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Service cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>125</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>114</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Interest cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>238</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>223</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected return on plan assets</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(309</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(306</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amortization of prior service cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>107</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>107</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Recognized actuarial loss</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>27</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Net periodic benefit cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>188</font></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>138</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>46</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="740" style='border-collapse:collapse'>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Amounts recognized in other comprehensive income:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net gain (loss)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Obligation</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>419</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(79</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Asset</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,228</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(245</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Reclassify</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="41" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Prior service cost</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>107</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>107</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="427" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Total in other comprehensive income</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="41" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(702</font></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="14" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(217</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr></table>
</div>

<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;'><b><font size=2>Cash Flows:</font></b></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='border-collapse:collapse'>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected employer contributions for fiscal year ending 1/31/2010</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>536</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected employee contributions for fiscal year ending 1/31/2010</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Estimated future benefit payments reflecting expected future service for the fiscal year(s) ending:</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1/31/2010</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>235</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1/31/2011</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>240</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1/31/2012</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>273</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1/31/2013</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>280</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1/31/2014</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>291</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="616" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1/31/2015-1/31/2019</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="60" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,639</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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></table>
</div>

<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;'><i><b><font size=2>401(k) Plan</font></b></i></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 domestic employees of the Company participate in the MFRI, Inc. Employee Savings and Protection Plan, which is applicable to all employees except certain employees covered by collective bargaining agreement benefits. The plan allows employee pretax payroll contributions of up to 16% of total compensation.  The Company matches 50% of each participant's contribution, up to a maximum of 3% of each participant&#146;s salary.</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>Contributions to the 401(k) Plan were $557,100, $608,200, and $385,400 for the years ended January 31, 2009, 2008 and 2007, respectively.  In 2007, contributions included $133,800 related to forfeiture allocations for prior years.  The Company estimates that it will contribute $490,000 for the year ending January 31, 2010.</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;'><i><b><font size=2>Deferred Compensation Plans</font></b></i></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 Company has deferred compensation agreements with key employees.  Vesting is based on years of service.  Life insurance contracts have been purchased which may be used to fund the Company&#146;s obligation under these agreements.  The deferred compensation plan was affected by the market value of the underlying investments.  Since the underlying investment declined in 2008, the Company&#146;s deferred compensation expense and liability to the employees in the plan decreased. </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;'><b><font size=2>Note 9 - Stock Options</font></b></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>Under the 2004 Stock Option Plan (&#147;Option Plan&#148;), 250,000 shares of common stock are reserved for issuance to employees of the Company and its affiliates as well as certain advisors and consultants to the Company.  In addition, under the Option Plan, the number of shares that may be issued shall be increased by an additional two percent of the aggregate number of shares of Common Stock outstanding as of the last day of the most recently completed fiscal year of the Company, beginning January 31, 2005.  Option exercise prices will be no less than fair market value for the common stock on the date of grant.  The options granted under the Option Plan may be either non-qualified options or incentive options.  </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>Pursuant to the 2001 Independent Directors&#146; Stock Option Plan, an option to purchase 10,000 shares of common stock is granted automatically to each director who is not an employee of the Company (an &#147;Independent Director&#148;) on the date the individual is first elected as an Independent Director.  An option to purchase 1,000 shares was granted to each Independent Director acting on December 31, 2001, and options to purchase 1,000 shares are granted to each Independent Director upon each date such Independent Director is re-elected as an Independent Director, commencing with the Company&#146;s annual meeting for the year 2002.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>47</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Such options vest ratably over four years and are exercisable for up to ten years from the date of grant.  To cover the exercise of vested options, the Company generally issues new shares from its authorized but unissued share pool.  The Company calculates stock compensation expense based on the grant date fair value of the option and recognizes expense on a straight-line basis over the four-year vesting period of the option.</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 fair value of each option award was estimated on the date of grant using the Black-Scholes Merton option-pricing model that used the assumptions noted in the following table.  The principal variable assumptions utilized in valuing options and the methodology for estimating such model inputs include: </font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="55" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>risk-free interest rate - an estimate based on the &#147;Market yield on U.S. Treasury securities at the rate for the period described in assumption 3 below, quoted on investment basis" for the end of week closest to the stock option grant date, from the Federal Reserve web site; </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="55" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>expected volatility - an estimate based on the historical volatility of MFRI Common Stock&#146;s weekly closing stock price for the period 1/1/93 to the date of grant; and </font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="55" valign=top >
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>expected life of the option - an estimate based on historical experience including the effect of employee terminations:</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.83in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="720" style='border-collapse:collapse'>
    <tr >

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="288" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="101" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="100" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="99" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2006</font></b></p> </td>

        <td width="15" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="288" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Risk-free interest rate</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="101" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2.80% - 3.57</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="100" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4.26% - 5.16</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="99" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.16</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="288" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected volatility</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="101" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>60.34% - 63.64</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="100" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>51.72</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="99" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>52.23</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr>
    <tr >

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="288" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Expected life in years</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="101" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="100" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.0</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="99" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7.0</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="288" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Dividend yield</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="101" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.0</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="100" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.0</font></p> </td>

        <td width="14" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td>

        <td width="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="99" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.0</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>%</font></p> </td> </tr></table>
</div>

<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 following summarizes the changes in options under the plans as of January 31, 2009:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="613" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="199" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Shares</font></b></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="9"
valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Average</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exercise Price</font></b></p> </td>

        <td width="8" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<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="122" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Average Remaining </font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Contractual Term</font></b></p> </td>

        <td width="36" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Aggregate Intrinsic Value</font></b></p> </td> </tr>
    <tr >

        <td width="199" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:9.6pt;text-indent:-9.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding at beginning of year</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<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="46" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:-3.15pt;text-indent:3.15pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>437</font></p> </td>

        <td  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="6" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="96" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13.59</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in 0in'>
<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="9" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style=' padding:0in .7pt 0in 0in'>
<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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="66" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,903</font></p> </td> </tr>
    <tr >

        <td width="199" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Granted</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<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="46" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>161</font></p> </td>

        <td  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="6" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="96" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17.30</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in 0in'>
<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="9" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style=' padding:0in .7pt 0in 0in'>
<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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<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" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="199" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exercised</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<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="46" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(28</font></p> </td>

        <td  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="96" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2.99</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in 0in'>
<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="9" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style=' padding:0in .7pt 0in 0in'>
<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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<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" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>55</font></p> </td> </tr>
    <tr >

        <td width="199" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Cancelled</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="46" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(20</font></p> </td>

        <td  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="96" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>23.77</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="9" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style=' padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="66" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="199" rowspan=2 valign=top style=' padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding at end of year</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<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="46" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>550</font></p> </td>

        <td  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="6" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="96" valign=top style='padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14.85</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in 0in'>
<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="9" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style=' padding:0in .7pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7.2</font></p> </td>

        <td width="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="66" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>260</font></p> </td> </tr>
    <tr >

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<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="46" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="6" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="96" valign=top style='padding:0in .7pt 0in 0in'>
<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="8" valign=top style='padding:0in .7pt 0in 0in'>
<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="9" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style=' padding:0in .7pt 0in 0in'>
<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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<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" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:2.5pt'>

        <td width="199" rowspan=2 valign=top style=' padding:0in 1.45pt 0in 0in;height:2.5pt'>
<p style='margin-left:9.6pt;text-indent:-9.6pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Options exercisable at year-end</font></p> </td>

        <td width="6" valign=top style='padding:0in .7pt 0in 0in; height:2.5pt'>
<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="46" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in .7pt 0in 0in;height:2.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>254</font></p> </td>

        <td  colspan="2" valign=bottom style=' padding:0in .7pt 0in 0in;height:2.5pt'>
<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="6" valign=bottom style='padding:0in .7pt 0in 0in; height:2.5pt'>
<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  colspan="2" valign=bottom style=' padding:0in .7pt 0in 0in;height:2.5pt'>
<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="96" valign=bottom style='padding:0in .7pt 0in 0in; height:2.5pt'>
<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="8" valign=bottom style='padding:0in .7pt 0in 0in; height:2.5pt'>
<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="9" valign=bottom style='padding:0in .7pt 0in 0in; height:2.5pt'>
<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  colspan="2" valign=bottom style=' padding:0in .7pt 0in 0in;height:2.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5.4</font></p> </td>

        <td width="36" valign=top style='padding:0in .7pt 0in .7pt; height:2.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="66" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt;height:2.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>260</font></p> </td> </tr>
    <tr >

        <td width="6" valign=top style='padding:0in .7pt 0in 0in'>
<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="46" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="6" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style='padding: 0in .7pt 0in 0in'>
<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="96" valign=top style='padding:0in .7pt 0in 0in'>
<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="8" valign=top style='padding:0in .7pt 0in 0in'>
<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="9" valign=top style='padding:0in .7pt 0in 0in'>
<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  colspan="2" valign=top style=' padding:0in .7pt 0in 0in'>
<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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<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" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td width="199" ></td>

        <td width="6" ></td>

        <td width="46" ></td>

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

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

        <td width="6" ></td>

        <td width="9" ></td>

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

        <td width="96" ></td>

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

        <td width="9" ></td>

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

        <td width="122" ></td>

        <td width="36" ></td>

        <td width="66" ></td> </tr> </table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="727" style='margin-left:0pt;border-collapse:collapse;  '>
    <tr >

        <td width="127" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="9" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=center style='text-align:center'><b><font size=2>Options Outstanding</font></b></p> </td>

        <td width="27" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=center style='margin-top:1.0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="6" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=center style='text-align:center'><b><font size=2>Options Exercisable</font></b></p> </td> </tr>
    <tr >

        <td width="127" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p ><font size=2>Range of Exercise   Prices  </font></p> </td>

        <td width="22" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=center style='margin-top:1.0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt;  padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Number Outstanding at January 31, 2009</font></b></p> </td>

        <td width="13" valign=bottom style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=center style='margin-top:1.0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Weighted Average Remaining Contractual Life</font></b></p> </td>

        <td width="19" valign=bottom style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=center style='margin-top:1.0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Weighted Average Exercise Price</font></b></p> </td>

        <td  colspan="3" valign=bottom style=' padding:0in 1.45pt 0in 0in'>
<p  align=center style='margin-top:1.0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><b><font size=2>Number Outstanding at January 31, 2009</font></b></p> </td>

        <td width="11" valign=bottom style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Weighted Average Exercise Price</font></b></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$2.00-$2.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>47</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>3.9</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="78" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>2.160</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>47</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="77" valign=bottom style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>2.160</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$3.00-$3.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>68</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>3.0</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>3.120</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>68</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>3.120</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$4.00-$4.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>4</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>1.0</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>4.130</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>4</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>4.130</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$7.00-$7.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>52</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>6.4</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>7.610</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>52</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>7.610</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$10.00-$10.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>87</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>7.4</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>10.075</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>42</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>10.075</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$12.00-$12.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>3</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>9.3</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>12.665</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$13.00-$13.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>10</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>9.4</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>13.650</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$16.00-$16.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>1</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>9.1</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>16.115</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>0</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$17.00-$17.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>148</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>9.4</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>17.642</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>5</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>17.740</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>$26.00-$26.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>2</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>8.5</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>26.045</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>1</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>26.045</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=2>$28.00-$28.99</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>128</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=2>8.4</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=2>28.990</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>35</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=2>28.990</font></p> </td> </tr>
    <tr >

        <td width="127" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="22" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="107" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>550</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="97" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>7.2</font></p> </td>

        <td width="19" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="78" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>14.849</font></p> </td>

        <td  colspan="3" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="104" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>254</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="77" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>8.910</font></p> </td> </tr>
    <tr>

        <td width="127" ></td>

        <td width="22" ></td>

        <td width="3" ></td>

        <td width="107" ></td>

        <td width="13" ></td>

        <td width="10" ></td>

        <td width="97" ></td>

        <td width="19" ></td>

        <td width="10" ></td>

        <td width="78" ></td>

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

        <td width="27" ></td>

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

        <td width="10" ></td>

        <td width="104" ></td>

        <td width="11" ></td>

        <td width="10" ></td>

        <td width="77" ></td> </tr> </table>
</div>

<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>

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>48</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The weighted average fair value of options granted during 2008 (net of options surrendered), 2007 and 2006 are estimated at $16.41, $14.54 and $5.99, per share, respectively, on the date of grant.  The total intrinsic value of options exercised during the years ended January 31, 2008, 2007 and 2006 were $125,000, $3,837,000 and $2,624,000, respectively.</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>Following is a summary of the Company&#146;s nonvested shares as of January 31, 2009:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="728" style='border-collapse:collapse'>
    <tr >

        <td width="446" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="84" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="70" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Nonvested</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Stock Outstanding</font></b></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted-Average Grant</font></b><font size=2>&nbsp;</font><b><font size=2>Date Fair</font></b><font size=2>&nbsp;</font><b><font size=2>Value</font></b></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="446" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding at beginning of the year</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="84" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>212</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="67" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>22.34</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="446" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Granted</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="84" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>161</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17.30</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="446" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vested</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="84" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="70" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(58</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11.20</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="446" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Expired or forfeited</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="84" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="70" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(19</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="67" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>24.19</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="446" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Outstanding at end of the year</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="84" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="70" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>296</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="67" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>19.95</font></p> </td>

        <td width="8" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="555" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="48" nowrap valign=top >
<p style='margin:0in;margin-bottom:.0001pt'><font size=1>&nbsp;</font></p> </td>

        <td width="507" nowrap valign=top >
<p style='margin:0in;margin-bottom:.0001pt'><font size=2>Based on historical experience the Company expects 93% of these options to vest.</font></p> </td> </tr></table>
</div>

<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>As of January 31, 2009, there was $2,334,400 of total unrecognized compensation cost related to nonvested share-based compensation arrangements granted under the Plans.  That cost is expected to be recognized over the weighted-average period of 3.5 years.  The stock-based compensation expense for the years ended January 31, 2009, 2008 and 2007 was $745,000, $504,300 and $138,400, respectively.</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;'><b><font size=2>Note 10 - Stock Rights</font></b></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>On September 15, 1999, the Company&#146;s Board of Directors declared a dividend of one common stock purchase right (a &#147;Right&#148;) for each share of MFRI&#146;s common stock outstanding at the close of business on September 22, 1999.  The stock issued after September 22, 1999 and before the redemption or expiration of the Rights is also entitled to one Right for each such additional share.  Each Right entitles the registered holders, under certain circumstances, to purchase from the Company one share of MFRI&#146;s common stock at $25.00, subject to adjustment.  At no time will the Rights have any voting power.</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 Rights may not be exercised until 10 days after a person or group acquires 15% or more of the Company&#146;s common stock, or announces a tender offer that, if consummated, would result in 15% or more ownership of the Company&#146;s common stock.  Separate Rights certificates will not be issued and the Rights will not be traded separately from the stock until then.  Should an acquirer become the beneficial owner of 15% or more of the Company&#146;s common stock, Rights holders other than the acquirer would have the right to buy common stock in MFRI, or in the surviving enterprise if MFRI is acquired, having a value of two times the exercise price then in effect.  Also, MFRI&#146;s Board of Directors may exchange the Rights (other than those of the acquirer which will have become void), in whole or in part, at an exchange ratio of one share of MFRI common stock (and/or other securities, cash or other assets
having equal value) per Right subject to adjustment.  The Rights described in this paragraph and the preceding paragraph shall not apply to an acquisition, merger or consolidation approved by the Company&#146;s Board of Directors.</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 Rights will expire on September 15, 2009, unless exchanged or redeemed prior to that date.  The redemption price is $0.01 per Right.  MFRI&#146;s Board of Directors may redeem the Rights by a majority vote at any time prior to the 20th day following public announcement that a person or group has acquired 15% of MFRI&#146;s common stock.  Under certain circumstances, the decision to redeem requires the concurrence of a majority of the independent directors.</font></p>

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>49</font>
</A></p>

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

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

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

<div TITLE="EE+ Page Break" STYLE="PAGE-BREAK-AFTER: always">

<HR noshade align="center" width="100%" size="2">
</DIV>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Note 11 - Quarterly Financial Data (Unaudited)</font></b></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 following is a summary of the unaudited quarterly results of operations:</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="720" style='border-collapse:collapse'>
    <tr >

        <td width="301" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="14" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="301" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>First Quarter</font></b></p> </td>

        <td width="18" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Second Quarter</font></b></p> </td>

        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Third Quarter</font></b></p> </td>

        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Fourth Quarter</font></b></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>65,981</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>77,645</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>76,817</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>82,623</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,143</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,401</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17,099</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,305</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss)</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>423</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,405</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,688</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(827</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average number of common shares:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding &#150; basic</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,787</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,794</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,799</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,808</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding &#150; diluted</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,888</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,882</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,854</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,808</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Per share data:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) &#150; basic</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.06</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.35</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.69</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.12</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) - diluted</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.06</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.35</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.69</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.12</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="720" style='border-collapse:collapse'>
    <tr >

        <td width="301" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="14" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2007</font></b></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="301" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>First Quarter</font></b></p> </td>

        <td width="18" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="61" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Second Quarter</font></b></p> </td>

        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Third Quarter</font></b></p> </td>

        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="10" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="12" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<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="62" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Fourth Quarter</font></b></p> </td>

        <td width="16" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net sales</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>56,954</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>58,944</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>65,086</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>58,503</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Gross profit</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,792</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,277</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,200</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,980</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss)</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,038</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,443</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>983</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,762</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted average number of common shares:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding &#150; basic</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,537</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,611</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,652</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,707</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding &#150; diluted</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,821</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,836</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,880</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,707</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Per share data:</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="61" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<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="62" valign=top style='padding:0in .7pt 0in .7pt'>
<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="16" valign=top style='padding:0in .7pt 0in .7pt'>
<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>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) &#150; basic</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.16</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.22</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.15</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.56</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr>
    <tr >

        <td width="301" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income (loss) - diluted</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in .7pt 0in .7pt'>
<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="13" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.15</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.21</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.15</font></p> </td>

        <td width="17" valign=top style='padding:0in .7pt 0in .7pt'>
<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="10" valign=top style='padding:0in .7pt 0in .7pt'>
<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="12" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="62" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(0.56</font></p> </td>

        <td width="16" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td> </tr></table>
</div>

<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 fourth quarter for 2008 and 2007 had net losses; therefore the diluted earnings per share for the quarters were identical to the basic earnings per share rather than assuming conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share.  In the 2008 fourth quarter, the Company recognized a non-cash $2,788,000 impairment of goodwill which was recorded as part of continuing operations.  The goodwill impairment charge related to the Company&#146;s filtration products and industrial process cooling equipment businesses.</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:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>50</font>
</A></p>

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

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

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

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<HR noshade align="center" width="100%" size="2">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
</p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>VALUATION AND QUALIFYING ACCOUNTS</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>For the Years Ended January 31, 2009, 2008 and 2007</font></b></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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="679" style='margin-left:0pt;border-collapse:collapse;  '>
    <tr >

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p ><b><font size=2>Description</font></b></p> </td>

        <td width="12" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=center style='margin-top:1.0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Balance at Beginning of Period</font></b></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Charged to Costs and
Expenses</font></b></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Deductions from Reserves (1)</font></b></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Charged to other accounts(2)</font></b></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><b><font size=2>Balance at End of Period</font></b></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="76" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="72" valign=bottom style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>Year Ended January 31, 2009:</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="76" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="72" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:19.65pt;text-indent:-10.35pt; '><font size=2>Allowance for possible losses in collection of trade receivables</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="59" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>384</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>197</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="76" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>138</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="72" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>30</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="80" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>473</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="76" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="72" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>Year Ended January 31, 2008:</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="76" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="72" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:20.55pt;text-indent:-10.35pt; '><font size=2>Allowance for possible losses in collection of trade receivables</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="59" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>352</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>198</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="76" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>175</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="72" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>9</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="80" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>384</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="76" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="72" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p ><font size=2>Year Ended January 31, 2007:</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="76" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="72" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='margin-top:1.0pt;text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:18.75pt;text-indent:-9.45pt'><font size=2>Allowance for possible losses </font></p>
<p  style='margin-top:1.0pt;margin-right:0in;margin-bottom: 0in;margin-left:18.75pt;text-indent:-9.45pt'><font size=2>in collection of trade receivables</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  style='margin-top:1.0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="59" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>504</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="73" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>141</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="76" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>340</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=center style='text-align:center'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="72" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>47</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='border-bottom:solid black 1.5pt; padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>$</font></p> </td>

        <td width="80" valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=2>352</font></p> </td> </tr>
    <tr >

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="191" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  ><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 1.45pt 0in 0in'>
<p ><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="59" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="73" valign=top style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="76" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="72" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="12" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td>

        <td width="80" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p  align=right style='text-align:right'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Uncollectible accounts charged off</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Primarily related to recoveries from accounts previously charged off and currency translation</font></p> </td> </tr></table>
</div>


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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>51</font>
</A></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>SIGNATURES</font></B></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:justify;'><font size=2>Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></p>

<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-indent:2.97in;text-align:left;'><B><font SIZE=2>MFRI, INC.</font></B></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="734" style='margin-left:8.55pt;border-collapse:collapse; '>
    <tr style='height:.2in'>

        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>

        <td width="323" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>April 15, 2009</font></p> </td>

        <td width="348" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:.2in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ David Unger</font></p> </td> </tr>
    <tr style='height:.2in'>

        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="323" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="348" valign=bottom style='padding:0in 5.4pt 0in 5.4pt;height:.2in'>
<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> </tr>
    <tr style='height:.2in'>

        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="323" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="348" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chairman of the Board of Directors, and</font></p> </td> </tr>
    <tr style='height:.2in'>

        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="323" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="348" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer</font></p> </td> </tr>
    <tr style='height:.2in'>

        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="323" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="348" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Principal Executive Officer)</font></p> </td> </tr>
    <tr style='height:.2in'>

        <td width="64" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="323" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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="348" valign=bottom style='padding:0in 5.4pt 0in 5.4pt; height:.2in'>
<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></table>
</div>

<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>Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="734" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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 width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Director, Chairman of the Board of Directors, and Chief Executive Officer (Principal Executive Officer)</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>HENRY M. MAUTNER*</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>BRADLEY E. MAUTNER*</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Director and President</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>MICHAEL D. BENNETT*</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President, Secretary and Treasurer (Principal Financial and Accounting Officer)</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>April 15, 2009</font></p> </td> </tr>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>ARNOLD F. BROOKSTONE*</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>EUGENE MILLER*</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>STEPHEN B. SCHWARTZ*</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>DENNIS KESSLER*</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Director</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <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 width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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>
    <tr >

        <td width="47" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>*By:</font></p> </td>

        <td width="198" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ David Unger</font></p> </td>

        <td width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Individually and as Attorney in Fact</font></p> </td>

        <td width="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="47" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="198" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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 width="26" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="329" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="21" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="112" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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></table>
</div>

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

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<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>52</font>
</A></p>

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

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


<div align=left>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibit No.</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Description</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3(i)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Certificate of Incorporation of MFRI, Inc. [Incorporated by reference to Exhibit&nbsp;3.3 to Registration Statement No.&nbsp;33-70298]</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 size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3(ii)*</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0in;text-indent:0pt;text-align:justify;margin-top:4.5pt;margin-bottom: 2.7pt'><font size=2>By-Laws of MFRI, Inc. as amended.</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 size=1>&nbsp;</font></p> </td> </tr>
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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Specimen Common Stock Certificate [Incorporated by reference to Exhibit&nbsp;4 to Registration Statement No.&nbsp;33-70794]</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 size=1>&nbsp;</font></p> </td> </tr>
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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(a)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1993 Stock Option Plan [Incorporated by reference to Exhibit&nbsp;10.4 of Registration Statement No.&nbsp;33-70794]</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 size=1>&nbsp;</font></p> </td> </tr>
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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(b)</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1994 Stock Option Plan [Incorporated by reference to Exhibit&nbsp;10(c) to the Company's Annual Report on Form&nbsp;10-K for the fiscal year ended January&nbsp;31, 1994 (SEC File No.&nbsp;0-18370)]</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(c)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2001 Independent Directors Stock Option Plan, as amended [Incorporated by reference to Exhibit&nbsp;10(d)(5) to the Company&#146;s Schedule filed on May 25, 2001 (SEC File No. 0-18370)]</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(d)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Form of Directors Indemnification Agreement Certificate [Incorporated by reference to Exhibit&nbsp;10.1 to the Company&#146;s Schedule filed on May 15, 2006 (SEC File No. 001-32530)]</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(e)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>MFRI 2004 Stock Incentive Plan [Incorporated by reference to Exhibit&nbsp;10(e) to the Company's Annual Report on Form&nbsp;10-K for the fiscal year ended January 31, 2006 (SEC File No.&nbsp;0-18370)]</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(f)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="623" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Loan and Security Agreement between the Company and Fleet Capital Corporation dated July 11, 2002 and the amendments thereto dated October 3, 2002, December 12, 2002, April 30, 2003, October 31, 2003, July 1, 2004 and March 28, 2005.  [Incorporated by reference to Exhibit&nbsp;10(f) to the Company's Annual Report on Form&nbsp;10-K for the fiscal year ended January 31, 2006 (SEC File No.&nbsp;0-18370)]</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(g)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amended and Restated Loan and Security Agreement between the Company and Bank of America dated December 15, 2006 and the amendments thereto dated [Incorporated by reference to Exhibit&nbsp;10.1 to the Company&#146;s Schedule filed on December 20, 2006 (SEC File No. 001-32530)]</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(h)</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="623" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Code of Conduct [Incorporated by reference to Exhibit 14 of the Company&#146;s Annual Report on Form 10-K for the fiscal year ended January 31, 2004 (SEC File No. 0-18370)]</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(i)*</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="623" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Sixth Amendment to Amended and Restated Loan and Security Agreement.</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 size=1>&nbsp;</font></p> </td> </tr>
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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10(j)*</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Employment agreement with Fati Elgendy dated February 1, 2007. </font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21*</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Subsidiaries of MFRI, Inc.</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 size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23*</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consent of  Independent Registered Public Accounting Firm &#150; Grant Thornton LLP</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>24*</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="623" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Power of Attorney executed by directors and officers of the Company</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>31*</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Rule 13a &#150; 14(a)/15d &#150; 14(a) Certifications</font></p>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)&nbsp;Chief Executive Officer certification pursuant to Section 302 of the </font><br> <font size=2>Sarbanes-Oxley Act of 2002 </font></p>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)&nbsp;Chief Financial Officer certification pursuant to Section 302 of the </font><br> <font size=2>Sarbanes-Oxley Act of 2002</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<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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        <td width="79" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>32*</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="623" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Section 1350 Certifications</font></p>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)&nbsp;Chief Executive Officer certification pursuant to Section 906 of the </font><br> <font size=2>Sarbanes-Oxley Act of 2002 </font></p>
<p style='margin-left:27.0pt;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)&nbsp;Chief Financial Officer certification pursuant to Section 906 of the </font><br> <font size=2>Sarbanes-Oxley Act of 2002</font></p> </td>

        <td width="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

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

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

<div TITLE="EE+ Page Footer">
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>53</font>
</A></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></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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<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>9
<FILENAME>exhibit10i.htm
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<div TITLE="EE+ Page Header">
<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:right;'><b><font size=2>Exhibit 10(i)</font></b></p>

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

<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>SIXTH AMENDMENT TO</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>THIS SIXTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</font></B><font size=2> (&#147;Sixth Amendment&#148;) is made as of this ___ day of January, 2009, by and among BANK OF AMERICA, N.A., a national banking association (&#147;Bank of America&#148;) with an office at 135 South LaSalle Street, Floor, Chicago, Illinois 60603, individually as a Lender and as Agent (&#147;Agent&#148;) for itself and any other financial institution which is or becomes a party hereto (each such financial institution, including Bank of America, is referred to hereinafter individually as a &#147;Lender&#148; and collectively as the &#147;Lenders&#148;), the </font><B><font SIZE=2>LENDERS</font></B><font size=2> and </font><B><font SIZE=2>MFRI, INC.</font></B><font size=2>, a Delaware corporation (&#147;MFRI&#148;), </font><B><font SIZE=2>MIDWESCO FILTER RESOURCES, INC.</font></B><font
size=2>, a Delaware corporation (&#147;Midwesco&#148;), </font><B><font SIZE=2>PERMA-PIPE, INC.</font></B><font size=2>, a Delaware corporation (&#147;Perma-Pipe&#148;), </font><B><font SIZE=2>THERMAL CARE, INC.</font></B><font size=2>, a Delaware corporation (&#147;Thermal Care&#148;), </font><B><font SIZE=2>TDC FILTER MANUFACTURING, INC.</font></B><font size=2>, a Delaware corporation (&#147;TDC&#148;) and </font><B><font SIZE=2>MIDWESCO MECHANICAL AND ENERGY, INC.</font></B><font size=2>, a Delaware corporation (&#147;Mechanical&#148;).  Capitalized terms used in this Agreement have the meanings assigned to them in Appendix&nbsp;A, General Definitions.  Accounting terms not otherwise specifically defined herein shall be construed in accordance with GAAP consistently applied.  MFRI, Midwesco, Perma-Pipe, Thermal Care, TDC and Mechanical are sometimes hereinafter referred to individually as a &#147;Borrower&#148; and collectively as &#147;Borrowers&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Borrowers (other than Mechanical), Agent, and the Lender signatories thereto hereto entered into that certain Amended and Restated Loan and Security Agreement dated December 15, 2006, as amended by that First Amendment to Amended and Restated Loan and Security Agreement dated February 28, 2007 by and among Borrowers, Agent and Lenders , by that certain Second Amendment to Amended and Restated Loan and Security Agreement dated August 28, 2007 by and among Borrowers, Agent and Lenders, by that certain Third Amendment to Amended and Restated Loan and Security Agreement dated December&nbsp;13, 2007 by and among Borrowers, Agent and Lenders, by that certain Fourth Amendment to Amended and Restated Loan and Security Agreement dated April 17, 2008 by and among Borrowers, Agent and Lenders and by that certain Fifth Amendment to Amended and Restated Loan and Security Agreement dated
September 7, 2008 by and among Borrowers, Agent and Lenders (said Amended and Restated Loan and Security Agreement, as amended from time to time, the &#147;Loan Agreement&#148;); and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Borrowers, Agent and Lenders desire to amend and restate the Loan Agreement as provided herein;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW, THEREFORE, in consideration of the following terms and conditions, the parties agreed as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Definitions</font></u><font size=2>.  Except as otherwise specifically provided for herein, all capitalized terms used herein without definition shall have the meanings contained in the Loan Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Restricted Investments</font></u><font size=2>.  Subsection 8.2.12 of the Loan Agreement is hereby deleted and the following is inserted in its stead:</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:justify;'><font SIZE=2></font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>CHICAGO/#1881722.3</font><font size=2>  </font></p>
</DIV>

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

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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>&#147;8.2.12  </font><u><font size=2>Restricted Investment</font></u><font size=2>.  Make or have, or permit any Subsidiary of any Borrower to make or have, any Restricted Investment, except that Borrowers may invest up to Twenty-Eight Million Dollars ($28,000,000) in any Subsidiary (a &#147;Foreign Subsidiary&#148;) incorporated outside the United States and deemed and taxed as a Controlled Foreign Corporation under 957(a) of the Internal Revenue Code so long as (x) immediately after the applicable Borrower has made such Investment, no Event of Default has occurred and is continuing and (y)&nbsp;Borrowers shall have pledged to Agent for the benefit of Lenders sixty-five percent (65%) of the outstanding capital stock of any such Subsidiary that is a first tier Foreign Subsidiary (i.e., not owned by a Foreign Subsidiary) pursuant to a pledge agreement or amendment in
form and substance acceptable to Agent.  So long as Borrowers shall be deemed to have consented to the creation of any such Subsidiary and Borrowers shall be deemed to have complied with subsection 8.1.7 of the Loan Agreement with respect to such Subsidiary.  In such event, the provisions of subsection&nbsp;8.1.7 of the Loan Agreement notwithstanding, no such Foreign Subsidiary shall be required to provide a Guaranty or to pledge its assets to secure the Obligations.  The foregoing notwithstanding, so long as average Availability for the most recently ended ninety (90) day period equals or exceeds fifteen percent (15%) of the remainder of the Revolving Credit Maximum Amount minus the unpaid principal balance of the Term Loan and the Equipment Loans, then the Twenty-Eight Million Dollar ($28,000,000) limit in the first sentence of this subsection 8.2.12 shall be increased to Thirty Million Dollars ($30,000,000).&#148;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Foreign Subsidiaries and Controlled Foreign Subsidiaries</font></u><font size=2>.  Notwithstanding any other provisions provided for in this Agreement, there shall be an exclusion from the definition of Collateral for any assets that are owned by a Foreign Subsidiary.  At no time prior to the date hereof was it the intention of Borrowers, Agent or Lenders that Borrowers pledge more than sixty-five percent (65%) of the issued and outstanding Securities of any first tier Foreign Subsidiary or any of the Securities of a Foreign Subsidiary that is not a first tier Foreign Subsidiary.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Conditions Precedent</font></u><font size=2>.  This Sixth Amendment shall become effective upon satisfaction of the following condition precedent:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers, Agent and Lenders shall have executed and delivered to each other this Sixth Amendment.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Governing Law</font></u><font size=2>.  This Sixth Amendment shall be governed by, and construed in accordance with, the laws of the State of Illinois, without regard to the principles thereof relating to conflict of laws.</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:justify;'><font SIZE=2></font></p>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><A NAME="PAGENUM"><font size=2>2</font></A></p> </td>

        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>CHICAGO/#1881722.3</font><font size=2> </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;'></p>
</DIV>

<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:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Execution in Counterparts</font></u><font size=2>.  This Sixth Amendment may be executed in any number of counterparts, which shall, collectively and separately, constitute one Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Continuing Effect</font></u><font size=2>.  Except as otherwise provided herein, the Loan Agreement remains in full force and effect.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><i><b><font size=2>(Signature Page Follows)</font></b></i></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><A NAME="PAGENUM"><font size=2>3</font></A></p> </td>

        <td width="213" valign=top style='padding:0in 5.75pt 0in 5.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>CHICAGO/#1881722.3</font><font size=2> </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;'></p>
</DIV>

<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-indent:0.5in;text-align:center;'><i><b><font size=2>(Signature Page to Sixth Amendment to</font></b></i></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Amended and Restated Loan and Security Agreement)</font></b></i></p>


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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MFRI, INC.</font></B></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President Chief Financial Officer</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MIDWESCO FILTER RESOUCES, INC.</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'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President Chief Financial Officer</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>PERMA-PIPE, INC.</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'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President Chief Financial Officer</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>THERMAL CARE, INC.</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'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President Chief Financial Officer</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>TDC FILTER MANUFACTURING, INC.</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'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Name:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Title:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President Chief Financial Officer</font></p> </td> </tr>
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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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  colspan="2" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>MIDWESCO MECHANICAL AND</font></B><br> <B><font SIZE=2>ENERGY, INC.</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'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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="282" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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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        <td width="291" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>

        <td width="282" valign=top style='border-bottom: solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</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=2>Michael D. Bennett</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=2>Vice President Chief Financial Officer</font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>CHICAGO/#1881722.3</font><font size=2>  </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><i><b><font size=2>(Signature Page to Sixth Amendment to</font></b></i></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Amended and Restated Loan and Security Agreement)</font></b></i></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><B><font SIZE=2>BANK OF AMERICA, N.A. </font></B><font size=2>as Agent and as a Lender</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=2>/s/  Brian T. Conole</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=2>Brian T. Conole</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=2>Senior Vice President</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>CHICAGO/#1881722.3</font><font size=2>  </font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Exhibit 10(j)</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;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><U><B><font SIZE=2>EMPLOYMENT AGREEMENT</font></B></U></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>AGREEMENT made as of November 12, 2007 by and between Perma-Pipe, Inc. a Delaware corporation, (&#147;Perma-Pipe&#148; or the &#147;Employer&#148;), a wholly owned subsidiary of MFRI, Inc, a Delaware corporation, (&#147;MFRI&#148; or the &#147;Parent Company&#148;) and Fati Elgendy, (the &#147;Employee&#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:center;'><U><B><font SIZE=2>RECITALS</font></B></U></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 Employee has been an employee of the Employer for many years; and</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 Employer and the Employee desire to confirm their relationship with an Employment agreement, with ample consideration provided to each party, as provided for herein; and</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>NOW THEREFORE, in consideration of the premises and the mutual agreement hereinafter set forth, the parties hereto, intending to be legally bound, hereby agree as follows:</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=1>&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 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'><u><b><font size=2>Employment Term</font></b></u><font size=2> &#150; The Employer agrees to employ the Employee and the Employee agrees to serve in the employ of the Employer for a period of five (5) years commencing on February 1, 2007, (the &#147;Initial Term&#148;), in the position and with the responsibilities and duties set forth in Section 2 and on the other terms and conditions set forth in this Agreement.  After the expiration of the Initial
Term the Agreement will renew automatically for subsequent one year terms unless written notice is given by either party at least six (6) months in advance of the expiration of the Initial Term or any subsequent term.  (The Initial Term as so extended is referred to herein as the &#147;Term&#148;.)   </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Position - Duties</font></b></u><font size=2> &#150; The employee shall have the title of Vice-President of the Parent Company and the title of President and Chief Operating Officer of Perma-Pipe with such specific duties and responsibilities as he has had in recent years and as may be assigned from time to time by the Employer.  The Employee shall perform his duties and responsibilities hereunder faithfully and diligently, in
accordance with the budgets and business plans, policies and procedures of the Employer.  The Employee shall devote his full business time and attention to the performance of his duties and responsibilities hereunder.  The Employee hereby represents that the Employee is not bound by any confidentiality agreements or restrictive covenants that restrict or may restrict the Employee&#146;s ability to perform his duties and responsibilities hereunder, and agrees that he will not enter into such agreements or covenants </font></p> </td> </tr></table>
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<font size=2>during the Term, except agreements with the Employer or the Parent Company.
&nbsp;
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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>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Compensation</font></b></u><font size=2> &#150; During the Term, in consideration of the performance by the Employee of the services set forth in Section 2 and the Employee&#146;s observance of the other covenants set forth herein, the Employer shall pay the Employee, and the Employee shall accept, the salary (the &#147;Base Salary&#148;) and incentive compensation set forth in the Compensation Plan attached hereto as Exhibit A.  Such
Base Salary may be adjusted from time to time by the Employer in accordance with the Employer&#146;s normal practice.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Expense Reimbursement</font></b></u><font size=2> &#150; During the term of this Agreement, consistent with the Employer&#146;s policies and procedures as in effect from time to time, the Employer shall reimburse the Employee for all reasonable and necessary out-of-pocket expenses incurred by the Employee in connection with the performance of the Employee&#146;s duties and responsibilities hereunder, upon presentation of proper
accounts therefore in accordance with the Employer&#146;s policies.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Other Benefits</font></b></u><font size=2> &#150; During the Term, the Employee shall be entitled to the use of a  car owned or leased at the Employer&#146;s expense and to such benefits as are from time to time made available to other Reporting Segment Presidents of the Employer on the same terms and conditions as they are available to such,Reporting Segment Presidents it being understood that the Employee shall be required to make
substantially the same contributions and payments in order to receive any of such benefits as may be required of such Reporting Segment Presidents .  </font></p> </td> </tr></table>
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<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:0.75in;text-align:left;'><font size=2>The Employer&#146;s benefit package includes both short term and long term disability benefit programs.  The short term disability benefit currently provides, among other provisions, a standard schedule of partial salary payments over a six (6) month period following the commencement of a disability.  The Employer agrees to provide for the Employee, in lieu of the standard schedule described above, full salary payments for the first six (6) months following the commencement of a disability as determined in good faith by the Employer.  All other provisions of the short term disability program will apply to the Employee on the same terms and conditions as they are applied to other Reporting Segment Presidents of the Employer. </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>The long term disability benefit is currently an insured plan funded by the Employer that currently provides, among other provisions, 60% of earnings not to exceed $12,000 per month beginning after the six month waiting period covered by the short term disability plan.  The Employer is seeking insurance to increase the maximum coverage amount for the Employee and its other most senior executives to $20,000 per month; all other provisions of the long term disability program would remain unchanged.  Notwithstanding the </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>foregoing, there can be no assurance that such additional coverage will be purchased and the Employer does not hereby commit to providing the Employee any long term disability benefit other than that which is made available from time to time to other Reporting Segment Presidents of the Employer.</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>6.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Termination of employment</font></b></u><b><font size=2> &#150; </font></b><font size=2>For purposes of this Agreement, &#147;Termination Date&#148; means the last day of the Employee&#146;s employment with the Employer and &#147;Expiration Date&#148; means the last day of the Initial Term or any extended term of this Agreement.  </font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.1</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Death</font></b></u><font size=2> &#150; In the event of the death of the Employee during the Term, the Employer shall pay to the Employee&#146;s named beneficiary, or in the absence thereof to the estate or other legal representative of the Employee any Base Salary and incentive compensation provided in Section 3 and Exhibit A which accrued prior to the Employee&#146;s date of death and was not previously paid.  The Base Salary
portion shall be paid in accordance with the Employer&#146;s established payroll payment procedures.  The incentive compensation portion shall be prorated to the date of death and paid within 30 days after the Employer&#146;s auditors have finished their audit for the fiscal year in which the death occurred but not later than the 15<sup>th</sup> day of the third month following the end of such fiscal year.</font></p> </td> </tr></table>
</div>


<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.2</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Disability</font></b></u><font size=2> &#150; The employment of the Employee may be terminated by the Employer as a result of the Employee&#146;s incapacitation by reason of sickness, accident or other physical or mental disability after a reasonable effort by the Employer to accommodate the Employee to enable him to perform his duties under this Agreement.  After such termination, the Employer shall pay to the Employee any Base
Salary and incentive compensation  provided in Section 3 and Exhibit A which accrued prior to the Termination Date and was not previously paid.  The Base Salary portion shall be paid in accordance with the Employer&#146;s established payroll payment procedures.  The incentive compensation portion shall be prorated to the commencement of the disability and paid within 30 days after the Employers auditors have finished their audit for the fiscal year in which the termination occurred, but not later than the 15th day of the third month following the end of such fiscal year  Neither the Employee nor the Employer shall have further rights or obligations under this Agreement except as provided in sections 6, 7, 8, 9, 10, 11 and 12.</font></p> </td> </tr></table>
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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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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.3</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Due Cause</font></b></u><font size=2> &#150; The employment of the Employee may be terminated by the Employer at any time during the Term for Due Cause, (defined below).  In the event of such termination, the Employer shall pay to the Employee the Base Salary and incentive compensation provided for in Section 3 and Exhibit A which accrued prior to the Termination Date and was not </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>previously paid.  The Base Salary portion shall be paid in accordance with the Employer&#146;s established payroll payment procedures.  The incentive compensation portion shall be prorated to the Termination Date and paid within 30 days after the Employers auditors have finished their audit for the fiscal year in which the termination occurred, but not later than the 15th day of the third month following the end of such fiscal year.  Neither the Employee nor the Employer shall have any further rights or obligations under this Agreement, except as provided in Sections 6, 7, 8, 9, 10, 11 and 12.</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; margin-left:1in;text-align:left;'><font size=2>For purposes hereof, &#147;Due Cause&#148; means (a) a material breach of any of the Employee&#146;s obligations hereunder (it being understood that any breach of the provisions 2, 7, 8, 9, 10, 11 and 12 shall be considered material); (b) willful failure or inability to carry out his duties hereunder or to comply with the reasonable instructions, orders and directions of the President and/or the Chief Executive Officer of the Parent Company; (c) that the Employee has been convicted of, pled guilty to or admitted taking part in any felony or with any lesser crime or offense involving moral turpitude; (d) a good faith determination by the Employer or the Parent Company that the Employee is guilty of fraud, embezzlement, dishonest or other willful or malicious acts of misconduct related to the Employee&#146;s employment; or (e) a good faith determination by the Employer or the Parent Company that
the Employee is in violation of the Employer&#146;s alcohol and/or drug policy.  In addition, the Employees employment shall be deemed to have terminated for Due Cause if, after the Termination Date, facts and circumstances are discovered that would have justified a termination for Due Cause.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.4</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Other Termination by the Employer</font></b></u><font size=2> &#150; The Employer may terminate the Employee&#146;s employment at any time for whatever reason it deems appropriate.  Any such termination shall constitute notice under Section 1 that the Term shall not be renewed.  In the event that the Employer terminates the Employee&#146;s employment other than pursuant to Sections 6.1, 6.2 or 6.3   The Employee shall be entitled to
the following amounts:</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>(a)  The employee&#146;s Base Salary through the Termination Date.
 (b)  An amount equal to the Base Salary the Employee would have received pursuant to this Agreement , based upon his Base Salary rate in effect on the Termination Date, if his employment with the Employer had continued through the &#147;Salary Continuation Period,&#148; which shall extend from the Termination Date until the later of (i) the last day of the Term, or (ii) the termination of the 24 month  period commencing on the Termination Date.  The payments described in this Subsection 6.4(b) shall be paid in equal semi-</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>monthly installments through the Salary Continuation Period without interest in accordance with the Employer&#146;s established payroll payment procedures.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>(c)  Annual incentive payments with respect to each fiscal year of the Employer ending on or after the Termination Date</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>through the fiscal year which includes the last day of the Term.  For the first fiscal year of such annual incentive payments,  Employee will receive an amount equal to 100% of the incentive payment earned by the Employee in the year immediately prior to the year in which the Termination Date occurred (the &#147;Baseline Bonus&#148;).  For the following fiscal year, if applicable, he will receive an amount equal to 75% of the Baseline Bonus.  For any subsequent fiscal year, he will receive an amount equal to 50% of the Baseline Bonus.  In no event, however, will Employee receive incentive payments for any fiscal year in which the last day of the Term Occurs.  The Company&#146;s obligation to pay annual incentive payments under this Subsection 6.4(c) is not dependent on Company performance for the fiscal years ending on or after the Termination Date.  Each annual incentive payment, shall be
paid to Employee after the end of the fiscal year to which the payment relates, but no later than the 15th day of the third month following the end of such fiscal year.  </font></p>

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


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="72" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.5</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Employee&#146;s Voluntary Termination</font></b></u><font size=2> &#150; In the event the Employee voluntarily terminates his employment with the Employer, for whatever reason, the Employer shall pay to the Employee the Base Salary and incentive provided for in Section 3 and Exhibit A which accrued prior to the Termination Date and has not previously been paid.  The Base Salary shall be paid in accordance with the Employer&#146;s
established payroll payment procedures.  The incentive compensation portion shall be prorated to the Termination Date and paid within 30 days after the Employers auditors have finished their audit for the fiscal year in which the voluntary termination occurred.</font></p> </td> </tr></table>
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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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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="72" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.6</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Rights to Benefits</font></b></u><font size=2> &#150; Upon termination of employment under any provision contained in this Section 6, the rights and benefits of the Employee, his estate or other legal representative under the employee benefit plans and programs of the Employer, if any, will be determined in accordance with the terms and provisions of such plans and programs.  Neither the Employee nor the Employer shall have any
further rights or obligations under this Agreement except as provided in Sections 6, 7, 8, 9, 10, 11 and 12.  </font></p> </td> </tr></table>
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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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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>7.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Assignment of Inventions, Improvements and Developments.</font></b></u><font size=2>  The Employee hereby assigns and agrees to assign to the Employer the entire </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>worldwide right, in all inventions, improvements and developments, patentable or unpatentable, which, during his employment by the Employer he shall have made or conceived or hereafter may make or conceive, either solely or jointly with others (a) with the use of the Employer&#146;s time, equipment, materials, supplies, facilities, or trade secrets or confidential business information or (b) resulting from or suggested by his work for the Employer or (c) in any way relating to any subject matter within the existing or contemplated business of the Employer, including, but not limited to, pre-insulated and/or secondarily contained piping systems for district heating and cooling systems, oil and gas flow lines,  chemical transportation and related products and materials.  All such inventions, improvements and developments shall automatically and immediately be deemed to be the property of the
Employer as soon as made or conceived.  This assignment includes all rights to sue for all infringements, including those which may have occurred before this assignment.  It is understood that this Agreement does not apply to an invention for which no equipment, supplies, facility or trade secret information of the Employer was used and which was developed entirely on the Employee&#146;s own time, the invention related (i) to the business of the Employer or (ii) to the Employer&#146;s actual or demonstrably anticipated research or development, or (b) the invention results from any work performed by the Employee for the Employer.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>8.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Disclosure.</font></b></u><font size=2>  Employee agrees to disclose promptly to the Employer all such inventions, improvements and developments when made or conceived.  Upon termination of his employment for any reason, Employee shall immediately give to Employer all written records of such inventions, improvements and developments and make all full disclosures thereof, whether or not they have been reduced to writing.</font></p> </td> </tr></table>
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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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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>9.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Aid And Assistance.</font></b></u><font size=2>  The Employee agrees, (a) to execute all documents necessary to protect inventions, improvement and developments assigned pursuant to Section 7, and to obtain, maintain, modify, or enforce any United States or foreign patent on such invention, improvements or developments; and (b) to cooperate with the Employer in every reasonable way possible in obtaining evidence for use in any such
proceedings to obtain, maintain, modify or enforce any such patent.  Employee agrees that he shall not receive any additional compensation, other than reimbursement for reasonable costs and expenses incurred by him, in complying whth the terms of this section 9</font></p> </td> </tr></table>
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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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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>10.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Agreement Not To Disclose Confidential Information.</font></b></u><font size=2>  Employee recognizes and understands that the business of Employer is worldwide in scope, extending to all of the 50 states of the United States of America and many foreign countries, and that a substantial amount of the information used in Employer&#146;s business is confidential and proprietary to Employer, and that Employer has a legitimate interest and
need to maintain this information in confidence during and subsequent to his employment.  &#147;Confidential </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>Information&#148; shall mean: information disclosed to or known by Employee in connection with or as a consequence of or through his employment with Employer, which is not generally known outside of Employer, the parent company and any of its subsidiaries (collectively, the &#147;Companies&#148;),and which is in fact confidential, relating to the business of Employer, including but not limited to inventions, products, machines, apparatus, molds, tools, dies, methods of manufacture, processes, compositions, formulas, drawings, blueprints, photographs, slides, motion pictures, videotapes, digital files, computer software, product specifications, trade secrets, price and discount lists, customers, customer lists, suppliers, supplier lists, personnel data, business and marketing plans, ideas, or strategies, financial performance and projections and cost data.  Unless instructed or authorized in
writing by Employer, the Employee agrees that he will not use, publish or divulge to any unauthorized person any such Confidential Information, during or after the Term..  Upon termination of his employment Employee shall, on or before his Termination Date, deliver to Employer any such Confidential Information.  The covenant, against disclosure contained in this section shall terminate as to any Confidential Information which is published or becomes generally known to the public through no fault, action or inaction of the Employee, and, except as set forth in Sections 12 and 13,, shall not preclude the Employee from accepting subsequent employment with a competitor of Employer or any other employer, wherever located.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>11.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Return of Information.  </font></b></u><font size=2>Upon termination of Employee&#146;s employment relationship with the Employer, Employee agrees to turn over and return to the Employer all property in Employee&#146;s possession which belongs to the Employer and all files, information and data received, held or developed by Employee while employed by the Employer, (and all copies thereof) including without limitation any lists of
actual or potential customers or vendors.</font></p> </td> </tr></table>
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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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>12.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Agreement Not to Solicit Employees or Customers.</font></b></u><b><font size=2>  During the period of Employee&#146;s employment and the Salary Continuation Period, (the&#148; Restricted Period&#148;), Employee shall not, without the written consent of the Employer, individually or as a proprietor, partner, joint venturer, stockholder, director, officer, trustee, principal agent, servant , or in any capacity whatsoever for any person,
firm, partnership, limited liability company or corporation, directly or indirectly:</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(a)  Participate in the inducement or otherwise solicit or encourage any customers or vendors of the Companies to breach, modify or terminate any agreement or relationship they have with such company;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(b)  Solicit for employment any employees of the Companies or induce or advise any employee to leave the employ of the Companies, as applicable;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(c)  Perform service in an capacity for (i) any current customer of the Companies or (ii) any prospective customer of the Companies with which the Employer or the Parent Company or any of its subsidiaries was in active business discussions or negotiation at any time during the 6 month period preceding the  Termination Date; </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>(d)  Perform services for any competitor of the Companies or any other third party in any capacity where Confidential Information would reasonably be considered to be useful to the competitor or to such other third party to become a competitor of the Companies;</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; margin-left:1in;text-align:left;'><font size=2>(e)  Except to the extent required by applicable law, participate voluntarily with or provide assistance or information to any person or entity that is involved in a potential or existing business or legal dispute with the Companies;</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; margin-left:1in;text-align:left;'><font size=2>(f)  In the event of a violation of any provision of this Section 12, the Restricted Period shall be extended for a period equal to the period beginning when the activities constituting such violation commenced and ending when the activities constituting such violation shall have been finally terminated in good faith;</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; margin-left:1in;text-align:left;'><font size=2>(g)  The Employee&#146;s right to compete has been limited only to the extent necessary to protect the Companies from unfair competition.  Employee acknowledges that nothing herein will prevent him from becoming gainfully employed in his chosen industry.  If the scope or enforceability of the restrictive covenants contained in this Agreement is disputed, a court or other tribunal may modify and enforce the covenant to the extent necessary to be reasonable under these circumstances.</font></p>

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


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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>13.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Other Employment.</font></b></u><font size=2>  The intent of this section is to protect the Confidential Information of the Companies.  It is not intended to preclude the Employee from using knowledge and experience gained prior to his employment at the Employer to obtain employment elsewhere.  During the Restricted Period, the Employee will not directly or indirectly accept employment with or render services (a) on behalf of a
competitor of any of the Companies in any capacity where the Confidential Information of the Employer acquired by him during his employment with Employer would reasonably be considered useful to the competitor, or (b) on behalf of any other person or company where the Confidential Information would reasonably be considered useful to such other person or company to become a competitor of any of the Companies based in whole or in part on such Confidential Information.  Employee&#146;s obligations under this clause shall be limited to those geographic areas in which such Confidential Information is used by any of the Companies or is reasonably expected to be used by any of the Companies in the future.  It is understood that the geographical areas set forth in this clause are divisible so that if this </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>clause is invalid or unenforceable in an included geographic area, that area is severable and this clause remains in effect for the remaining included geographic areas in which the clause is valid.</font></p>

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


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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>14.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Waiver Of Additional Consideration And Other Agreements.</font></b></u><font size=2>  The Employee has not been promised, and agrees not to claim, any additional payment or other consideration, monetary or otherwise, for his performance under this Agreement, other than his Base Salary and incentive compensation as set forth in Section 3 and Exhibit A.  The Employee has not executed and will not execute any agreement in conflict with
this Agreement.</font></p> </td> </tr></table>
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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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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>15.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Binding On Others, Modification.</font></b></u><font size=2>  This Agreement shall be binding upon the Employees heirs, executors, administrators, or other legal representatives or assigns, and may not be modified except by an instrument in writing signed by the Chairman of the Board of the Employer or the Chairman of the Board or President of the Parent Company and by the Employee.</font></p> </td> </tr></table>
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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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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>16.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Change of Control.</font></b></u><font size=2>  The benefits hereunder with respect to the rights of the Employer may be assigned by the Employer to any other corporation acquiring all or substantially all of the assets of the Employer or to any other corporation into which the Employer may be liquidated or with which the Employer may be merged or consolidated.  The rights of the Companies, hereunder, shall inure to the benefit of the
Companies and Employee agrees,  to execute on request any and all documents in connection therewith, provided such documents do not expand the rights of the Employer or the obligations of Employee otherwise provided under the terms of this Agreement, and that such documents do not reduce Employee&#146;s rights under this Agreement.  Employee may not assign any rights under this Agreement for any reason.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>17.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Severability.</font></b></u><font size=2>  The provisions of this Agreement shall be severable, and if any provisions of this Agreement shall be held or declared to be illegal, invalid, or unenforceable, such illegality, invalidity, or unenforceability shall not affect any other provision hereof, and the remainder of this Agreement, disregarding such invalid portion, shall continue in full force and effects as though such void
provision had not been contained herein.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>18.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Post Employment.</font></b></u><font size=2>  This Agreement shall remain in full force and effect after termination of the Employee&#146;s employment with respect to those causes which require him to perform or not to perform certain actions, and with respect to Employer&#146;s post-termination payment and other obligations.</font></p> </td> </tr></table>
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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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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>19.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Entire Agreement.</font></b></u><font size=2>  This agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes and cancels all prior written or oral agreement or understanding.</font></p> </td> </tr></table>
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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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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>20.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Applicable Law.</font></b></u><font size=2>  This agreement shall be deemed to be made and entered into pursuant to the laws of the State of Illinois, and, in the event of any dispute, shall be governed by and construed in accordance with the laws of the State of Illinois.  In the event of a dispute regarding this Agreement, the Employee and Employer agree to submit to the jurisdiction of the United States District Court for the
Northern District of Illinois, Eastern Division and/or the Circuit Court of Cook County of the State of Illinois and hereby waive any right to claim these Courts lack personal or subject matter jurisdiction over him or the dispute.</font></p> </td> </tr></table>
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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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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>21.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Enforcement of Covenants.</font></b></u><font size=2>  Employee understands and agrees that the above covenants are reasonably necessary to protect the business of the Employer and agrees that, if any court of competent jurisdiction determines that any such covenants are too broad or result in any unreasonable restrictions, such court may modify the covenants to make them enforceable to the maximum extent permitted by law.  The
Employee also agrees that the remedies at law for breach of the covenants herein contained are inadequate and that irreparable injury would result if the restrictions herein are not enforced and that the Employer shall be entitled to enforce this Agreement by injunction or other equitable relief, without the necessity of posting bond or security which is expressly waived by Employee.  The Employee agrees that in addition to all remedies available at law or in equity to the Employer, if the Employee is proven in good faith to have breached any of the covenants set forth in Sections 10 and 11 hereof the Employer may, as liquidated damages and not as a penalty, cease paying the Employee any amounts due under this Agreement and the Employee agrees that all such sums shall be forever forfeited.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>22.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Acknowledgement.</font></b></u><font size=2>  The Employee hereby acknowledges that he has read this Agreement, that he fully understand and accepts the terms hereof, and that the Employer has given him the opportunity to consult with an attorney or some other third party to, explain the meaning of the terms of this Agreement prior to his signing this Agreement.</font></p> </td> </tr></table>
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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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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>23.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Arbitration.</font></b></u><font size=2>  In the event any claim or dispute of any nature shall arise out of or in connection with this Agreement, the interpretation thereof, or the performance of the parties or their obligations thereunder the party making the claim (the &#147;Claimant&#148;) shall promptly mail to the other party an affidavit setting forth with specificity the facts relating thereto and the claim which such party
makes (the &#147;Claim&#148;).  If, within sixty (60) days of the delivery of that affidavit, the other party delivers a counter-affidavit to the Claimant disputing the Claim or the amount thereof, the dispute shall be resolved as provided below.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>If no such counter-affidavit shall be received within such sixty (60) day period, the amount of the Claim and the facts stated in the affidavit shall be </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>deemed established for the purpose of this Agreement.  If a counter affidavit is delivered, the parties shall have thirty (30) days (which can be extended by mutual written agreement) (the &#147;Resolution Period&#148;) to attempt to resolve among themselves any differences.  In the event such a resolution occurs,  that amount shall be deemed to be established for the purposes of this Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>If such a resolution fails to occur the dispute shall be submitted to arbitration, using the following procedure.  Within seven (7) days after the expiration of the Resolution Period, the Employer and Employee shall each select an arbitrator.  If either party shall fail to appoint an arbitrator, the sole arbitrator shall proceed to resolve the dispute according to this Section.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in; text-indent:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>The two arbitrators so designated shall promptly select a third arbitrator, and if the two arbitrators so chosen shall fail to select a third arbitrator within thirty (30) days of the date on which the second of said two arbitrators is chosen, the third arbitrator shall be selected by the American Arbitration Association.  The determination of the Claim by a majority of the arbitrators shall be binding upon all parties and shall establish the amount of loss, damage compensation, or expense for the purpose of this Agreement.  The arbitrators, or a majority of them, shall promptly deliver to the parties a certificate setting forth their determination and the reasons thereof.  The arbitration provided for herein shall be conducted in accordance with the rules of the American Arbitration Association.  The Courts of the State of Illinois located in Cook County and the federal courts within such
State shall have jurisdiction with respect to the enforcement of any arbitral award and all other matters relating to any arbitration hereunder and judgment of such court shall be entered upon any such award.  The parties submit themselves to the jurisdiction of the courts within such State for all purposes related to arbitrations arising under this Article.  Regardless of who prevails in the arbitration the costs of the arbitration shall be paid one-half by Employer and one-half by Employee. </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=1>&nbsp;</font></p> </td>

        <td width="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>24.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Taxes.</font></b></u><font size=2>  The Employer shall be entitled to deduct or withhold all applicable federal, state and local taxes where required on all amounts and/or other benefits payable to the Employee or any permitted successor in interest.</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in; text-indent:-0.5in;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>25.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Effect of Section 409A of the Tax Code.</font></b></u><font size=2>  This Agreement shall be construed in a manner consistent with the requirements of Section 409A of the Internal Revenue &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code of 1986, as amended (the &#147;Code&#148;).  In particular, to the extent that any provision of this Agreement would result in the applicability of the additional tax under Section 409A, such provision shall be
deemed modified so as to avoid such applicability; provided, however, that such modification shall not result in the material diminution of benefits payable to Employee under this Agreement.  In addition, the parties recognize that, to the extent that Employee is considered a &#147;specified employee&#148; for purposes of Section 409A of the Code, and that payments or benefits hereunder must be </font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.75in;text-align:left;'><font size=2>postponed until the end of the six month period following the Termination Date, such delay shall be implemented but, upon expiration of the six month period, all payments so delayed and otherwise due Employee under this Agreement shall be paid to him as promptly as permissible under Section 409A of the Code.</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=1>&nbsp;</font></p> </td>

        <td width="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>26.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Counterparts</font></b></u><b><font size=2>.  </font></b><font size=2>This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.  </font></p> </td> </tr></table>
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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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>27.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>No Implied Waivers</font></b></u><b><font size=2>.</font></b><font size=2>  Failure of either party at any time to require performance by the other party of any provision hereof shall in no way affect the full right to require such performance at any time thereafter.  Waiver by either party of a breach of any obligation hereunder shall not constitute a waiver of any succeeding breach of the same obligation.  Failure of either party to
exercise any of its rights provided herein shall not constitute a waiver of such right.  </font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="48" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>28.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><b><font size=2>Capacity of Parties</font></b></u><b><font size=2>.</font></b><font size=2>  The parties hereto warrant that they have the capacity and authority to execute this Agreement.</font></p> </td> </tr></table>
</div>


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

&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>Executed at Niles, IL, this 12 day of November, 2007.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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="312" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>WITNESS:</font></p> </td>

        <td width="177" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>FOR THE EMPLOYER</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="588" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" 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="312" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>____________________________________</font></p> </td>

        <td width="252" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>_____________________________</font></p> </td> </tr></table>
</div>



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        <td width="24" 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="312" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>MFRI, Inc. Bradley Mautner, President</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>MFRI, Inc. David Unger, Chief Executive Officer</font></p> </td> </tr></table>
</div>
&nbsp;
<font SIZE=2>EMPLOYEE</font><font size=2>
&nbsp;
</font>


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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="260" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>______________________________</font></p> </td> </tr></table>
</div>



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<table border="0" cellspacing=0 cellpadding=0 width="437" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="336" 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="101" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Fati Elgendy</font></p> </td> </tr></table>
</div>

<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>

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<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;'><U><B><font SIZE=2>EMPLOYMENT AGREEMENT FOR FEG </font></B></U><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:right;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>D. Unger draft 5/1/07</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 2 with Mike Paull comments</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 2 with revisions from 6/8 meeting of BM &amp; DU</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 3 with additions by BM 6/18/07</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 4 with additions proposed by Mike Paull on 6/19/07</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 5 with change in 6.4 responding to FEG&#146;s lawyer and other changes from discussions among David Unger, Mike Paull and Brad Mautner through 8/3/07 </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 6 with changes described in D. Unger memo of 9/20/07</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 7 with changes suggested by Mike Paul  and latest FEG/DU discussion</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 8 MLB Comments--- 10/25/07</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 9  with W&amp;S comments --- 11/2/07</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 11 DU edit of W&amp;S comments --- 11/15/07</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font size=2>Draft 12 includes JR response to DU memo of 1/16/08---1/22/08 </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:right;'><font SIZE=2>DU BELIEVES THAT THIS DRAFT 12 IS FINAL AND ACCEPTABLE TO ALL PARTIES</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: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>



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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 21</font></b></p>

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

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><B><font SIZE=2>SUBSIDIARIES OF REGISTRANT</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>7720 Lehigh Property, LLC (Illinois corporation)</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>Boe-Therm A/S (Denmark)</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 Holdings (B.V.I.) LTD (British Virgin Islands)</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>Midwesco Filter Cicero, LLC (Illinois corporation)</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>Midwesco Filter Resources, Denmark A/S (Denmark)</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>Midwesco Filter Resources, Inc. (Delaware corporation)</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>Midwesco Mechanical and Energy, Inc. (Delaware corporation)</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>Nordic Air Filtration A/S (Denmark)</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>Nordic Midwesco (Pty) Ltd (South Africa)</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>PermAlert Environmental Specialty Products, Inc. (Illinois corporation)</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>Perma-Pipe, Inc. (Delaware corporation)</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>Perma-Pipe India, Pvt. Ltd. (India)</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>Perma-Pipe Middle East FZE (United Arab Emirates)</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>TDC Filter Manufacturing, Inc. (Delaware corporation)</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>Thermal Care, Inc. (Delaware corporation)
</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>



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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>Exhibit 24</font></b></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;'><B><font SIZE=2>POWER OF ATTORNEY</font></B></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-indent:0.5in;text-align:left;'><B><font SIZE=2>KNOW ALL MEN BY THESE PRESENTS</font></B><font size=2>, that each of the undersigned, being a director or officer, or both, of </font><B><font SIZE=2>MFRI, INC.,</font></B><font size=2> a Delaware corporation (the "Company"), does hereby constitute and appoint DAVID UNGER, Bradley E. MAUTNER and MICHAEL D. BENNETT, with full power to each of them to act alone, as the true and lawful attorneys and agents of the undersigned, with full power of substitution and resubstitution to each of said attorneys to execute, file or deliver any and all instruments and to do all acts and things which said attorneys and agents, or any of them, deem advisable to enable the Company to comply with the Securities Exchange Act of 1934, as amended, and any requirements or regulations of the Securities and Exchange Commission in respect thereof, in connection with the Company's filing of an annual report on Form
10-K for the Company's fiscal year 2008, including specifically, but without limitation of the general authority hereby granted, the power and authority to sign his name as a director or officer, or both, of the Company, as indicated below opposite his signature, to the Form 10-K, and any amendment thereto; and each of the undersigned does hereby fully ratify and confirm all that said attorneys and agents, or any of them, or the substitute of any of them, shall do or cause to be done by virtue hereof.</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;'><B><font SIZE=2>IN WITNESS WHEREOF</font></B><font size=2>, each of the undersigned has executed this Power of Attorney as of this</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><u><font size=2>7</font></u><font size=2>th day of April, 2009.</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="624" style='margin-left:.4pt;border-collapse:collapse; '>
    <tr >

        <td width="312" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ David Unger</font></u>                                                                                                                                          <font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>David Unger</font></b><font size=2>, Chairman of the Board of Directors,</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>and Chief Executive Officer  (Principal Executive</font></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Officer)</font></p> </td>

        <td width="17" 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="295" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Arnold F. Brookstone</font></u>                                                                 <font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Arnold F. Brookstone</font></b><font size=2>, Director</font></p> </td> </tr>
    <tr >

        <td width="312" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Henry M. Mautner</font></u>                                                                                                      <font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Henry M. Mautner</font></b><font size=2>, Director</font></p> </td>

        <td width="17" 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="295" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Eugene Miller</font></u>                                                                                                                  <font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Eugene Miller</font></b><font size=2>, Director</font></p> </td> </tr>
    <tr >

        <td width="312" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Bradley E. Mautner                 </font></u>    <u><font size=2>      </font></u><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Bradley E. Mautner</font></b><font size=2>, Director and President</font></p> </td>

        <td width="17" 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="295" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Stephen B. Schwartz</font></u>                                                                        <font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Stephen B. Schwartz</font></b><font size=2>, Director</font></p>
<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>
    <tr >

        <td width="312" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Michael D. Bennett</font></u>                                                                                                 <font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Michael D. Bennett</font></b><font size=2>, Vice President, Secretary and Treasurer (Principal Financial and Accounting Officer)</font></p> </td>

        <td width="17" 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="295" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/ Dennis Kessler</font></u>                                                                                                           <font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Dennis Kessler</font></b><font size=2>, Director</font></p>
<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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        <td width="312" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<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="17" 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="295" 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> </tr>
    <tr >

        <td width="312" 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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<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="17" 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>
<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="295" 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> </tr>
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        <td width="312" 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="17" 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="295" 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> </tr></table>
</div>

<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:center;'><B><font SIZE=2>CERTIFICATION</font></B></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:right;'><b><font size=2>Exhibit 31.1</font></b></p>

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this annual report on Form 10-K of MFRI, Inc.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e) and 15d-15(e)) for the registrant and we have:</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>
</div>


<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-indent:-0.25in;text-align:left;line-height:115%;'><font size=2>(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
</div>


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


<div align=left>

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        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control</font><font size=2> </font><font size=2>over financial reporting</font><font size=2>.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="177" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="16" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="48" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>

        <td width="113" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>April 15, 2009</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="172" style='margin-left:3.15pt;border-collapse:collapse;  '>
    <tr >

        <td width="158" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ David Unger</font></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Director and Chairman of the Board of Directors</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Principal Executive Officer)</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>



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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>CERTIFICATION</font></B></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:right;'><b><font size=2>Exhibit 31.1</font></b></p>

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>I have reviewed this annual report on Form 10-K of MFRI, Inc.</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
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        <td width="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The registrant&#146;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e) and 15d-15(e)) for the registrant and we have:</font></p> </td> </tr></table>
</div>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="100%" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p> </td> </tr></table>
</div>


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


<div align=left>

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        <td width="24" 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="24" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p> </td> </tr></table>
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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:left;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c)</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 size=2>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p> </td> </tr></table>
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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:left;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(d)</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 size=2>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</font></p> </td> </tr></table>
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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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>5.</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 size=2>The registrant&#146;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions):</font></p> </td> </tr></table>
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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:left;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(a)</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 size=2>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize and report financial information; and</font></p> </td> </tr></table>
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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:left;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:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(b)</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 size=2>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal control</font><font size=2> </font><font size=2>over financial reporting</font><font size=2>.</font></p> </td> </tr></table>
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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:justify;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:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>April 15, 2009</font></p> </td> </tr></table>
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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-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ </font><font size=2>Michael D. Bennett</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>Michael D. Bennett</font><font size=2> </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Vice President, Secretary and Treasurer </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>(Principal Financial and Accounting Officer)</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>



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<p style=' margin-bottom:10pt; margin-top:0pt;text-align:right;line-height:115%;'><b><font size=2>Exhibit 32</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:115%;'><b><font size=2>Certification of Principal Executive Officers</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:115%;'><b><font size=2>Pursuant to 18 U.S.C. 1350</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:115%;'><b><font size=2>(Section 906 of the Sarbanes-Oxley Act of 2002)</font></b></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;line-height:115%;'><font size=2>The undersigned in their capacities as Chief Executive Officer and Chief Financial Officer of MFRI, Inc. (the &#147;Registrant&#146;), certify that, to the best of their knowledge, based upon a review of the Annual Report on Form 10-K for the period ended January 31, 2009 of the Registrant, (the &#147;Report&#148;):</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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="30" valign=top style='border:solid black 1.0pt; border-left:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>(1)</font></p> </td>

        <td width="583" valign=top style='border:solid black 1.0pt; border-left:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and</font></p> </td> </tr>
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        <td width="25"
valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="30" valign=top 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'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="583" valign=top 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'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
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        <td width="25" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="30" valign=top 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'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>(2)</font></p> </td>

        <td width="583" valign=top 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'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</font></p> </td> </tr></table>
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<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>


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        <td width="638" valign=top style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>/s/ David Unger</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>David Unger</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Director and Chairman of the Board of Directors</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>and Chief Executive Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>(Principal Executive Officer)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>April 15, 2009</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>


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        <td width="638" valign=top style='border-top:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Michael D. Bennett</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Vice President, Secretary and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>(Principal Financial and Accounting Officer)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>April 15, 2009</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;line-height:115%;'><font size=2>A signed original of this written statement required by Section 906 has been provided by MFRI, Inc. and will be retained by MFRI, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.</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>



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