-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 GX/KH+e7kljoHtxk97aXJIW9TmCgPsC/M6thiGQTnSLXD240oT2WLKo/Q4r5AHNs
 cZihcl1O6InRI86/5+pu0A==

<SEC-DOCUMENT>0000914122-09-000028.txt : 20090608
<SEC-HEADER>0000914122-09-000028.hdr.sgml : 20090608
<ACCEPTANCE-DATETIME>20090608110715
ACCESSION NUMBER:		0000914122-09-000028
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090430
FILED AS OF DATE:		20090608
DATE AS OF CHANGE:		20090608

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-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32530
		FILM NUMBER:		09878780

	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-Q
<SEQUENCE>1
<FILENAME>mfriq12009.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;'><B><font SIZE=2>WASHINGTON, D.C. 20549</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>FORM 10-Q</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="675" style='margin-left:3.15pt;border-collapse:collapse; '>
    <tr style='page-break-inside:avoid; height:13.9pt'>

        <td width="36" valign=top style='border-bottom:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt; height:13.9pt'>
<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  colspan="18" style='border-bottom: solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr
style='page-break-inside:avoid'>

        <td  colspan="6" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>For the quarterly period ended</font></p> </td>

        <td  colspan="13" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>April 30, 2009</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" 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=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>OR</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:13.9pt'>

        <td  colspan="2" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt;height:13.9pt'>
<p 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="17" rowspan=2 valign=top style=' padding:0in 2.15pt 0in 2.15pt;height:13.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:13.85pt'>

        <td  colspan="2" valign=top style=' padding:0in 2.15pt 0in 2.15pt; height:13.85pt'>
<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 style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="6" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'><font size=2>For the transition period from</font></p> </td>

        <td  colspan="4" valign=top style='border-bottom: solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="47" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<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="5" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0in 2.15pt 0in 2.15pt'>
<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  colspan="2" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<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> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="11" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Commission file number</font></p> </td>

        <td  colspan="3" valign=top style='border-bottom: solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>0-18370</font></p> </td>

        <td  colspan="5" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<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> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>MFRI, INC.</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<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 style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="9" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Delaware</font></p> </td>

        <td  colspan="10" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>36-3922969</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="9" 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>(State or other jurisdiction of</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>incorporation or organization)</font></p> </td>

        <td  colspan="10" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(I.R.S. Employer</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>Identification No.)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="5" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>7720 Lehigh Avenue</font></p> </td>

        <td  colspan="7" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>Niles, Illinois</font></p> </td>

        <td  colspan="7" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>60714</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="12" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>(Address of principal executive offices)</font></p> </td>

        <td  colspan="7" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(Zip Code)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' border-bottom:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(847) 966-1000</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant&#146;s telephone number, including area code)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" 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=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' border-top:solid black 1.0pt; padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>(Former name, former address and former fiscal year, if changed since last report)</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:27.75pt'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt;height:27.75pt'>
<p style='margin-left:0pt;text-indent:0pt;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   </font><font face=Wingdings>x</font><font size=2>      No  </font><font face=Wingdings><font size=2>o</font></font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0in 2.15pt 0in 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" 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>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definitions of &#147;large accelerated filer&#148;, &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act.:  </font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:13.05pt'>

        <td  colspan="3" valign=top style=' padding:0in 2.15pt 0in 2.15pt;height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Large accelerated filer</font></p> </td>

        <td width="18" valign=top style='padding:0in 2.15pt 0in 2.15pt; height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>[]</font></p> </td>

        <td  colspan="3" valign=top style=' padding:0in 2.15pt 0in 2.15pt;height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accelerated filer</font></p> </td>

        <td width="30" valign=top style='padding:0in 2.15pt 0in 2.15pt; height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font face=Wingdings>x</font></p> </td>

        <td  colspan="5" valign=top style='padding: 0in 2.15pt 0in 2.15pt;height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Non-accelerated filer</font></p> </td>

        <td  colspan="2" valign=top style='padding: 0in 2.15pt 0in 2.15pt;height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>[]</font></p> </td>

        <td  colspan="3" valign=top style=' padding:0in 2.15pt 0in 2.15pt;height:13.05pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Smaller reporting company </font></p> </td>

        <td width="43" valign=top style='padding:0in 2.15pt 0in 2.15pt; height:13.05pt'>
<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='page-break-inside:avoid'>

        <td  colspan="19" 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=1>&nbsp;</font></p>
<p style='margin-left:0pt;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 </font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>the Exchange Act)   Yes   </font><font face=Wingdings><font size=2>o</font></font><font size=2>     No  </font><font face=Wingdings>x</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" 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=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>On May 31, 2009, there were 6,818,170 shares of the registrant&#146;s common stock outstanding.</font></p> </td> </tr>
    <tr>

        <td width="36" ></td>

        <td width="4" ></td>

        <td width="101" ></td>

        <td width="18" ></td>

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

        <td width="28" ></td>

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

        <td width="30" ></td>

        <td width="20" ></td>

        <td width="12" ></td>

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

        <td width="4" ></td>

        <td width="62" ></td>

        <td width="14" ></td>

        <td width="3" ></td>

        <td width="15" ></td>

        <td width="24" ></td>

        <td width="135" ></td>

        <td width="43" ></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 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>PART I &#150; FINANCIAL INFORMATION</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="232" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="16" 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="61" 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 1.</font></b></p> </td>

        <td width="155" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements</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 accompanying interim condensed consolidated financial statements of MFRI, Inc. and subsidiaries (the &#147;Company&#148;) are unaudited, but include all adjustments, which the Company&#146;s management considers necessary to present fairly the financial position and results of operations for the periods presented.  These adjustments consist of normal recurring adjustments.  Certain information and footnote disclosures have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations.  These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company&#146;s annual report on Form 10-K for the year ended January 31, 2009.  The results of operations for the quarter ended April 30, 2009 are not necessarily indicative of the results to be expected for the full 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;'><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>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=2>(In thousands, except per share information)</font></i><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="596" style='border-collapse:collapse'>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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: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  colspan="5" valign=top 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>Three Months Ended</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30,</font></b></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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="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: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="59" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</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: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="55" valign=top style='border-bottom:solid black 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="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> </tr>
    <tr >

        <td width="388" valign=top style='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=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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>67,579</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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="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> </tr>
    <tr >

        <td width="388" valign=top style='padding: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>Cost of 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: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: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="59" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>48,852</font></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: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="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>54,838</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> </tr>
    <tr >

        <td width="388" valign=top style='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="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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,727</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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="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> </tr>
    <tr >

        <td width="388" valign=top style='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 expenses:</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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="388" 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>Selling expenses</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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,099</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,726</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> </tr>
    <tr >

        <td width="388" 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>General and administrative expenses</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="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: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="59" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,756</font></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: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="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,282</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> </tr>
    <tr >

        <td width="388" 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 operating expenses</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="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: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="59" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,855</font></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: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="55" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,008</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="388" valign=top style='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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,872</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,135</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="388" valign=top style='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 joint venture</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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>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: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="55" valign=top style='padding: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</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="388" valign=top style='padding: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>Interest expense, net</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="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: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="59" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>688</font></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: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="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>623</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> </tr>
    <tr >

        <td width="388" valign=top style='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 before income taxes</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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,184</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>611</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="388" valign=top style='padding: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>Income taxes</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="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: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="59" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>178</font></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: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="55" valign=top style='border-bottom:solid black 1.0pt; padding: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="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> </tr>
    <tr >

        <td width="388" valign=top style='padding: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 income</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="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: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 1.5pt; 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:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,006</font></p> </td>

        <td width="15" 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="55" 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>423</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="388" valign=top style='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 &nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>outstanding &#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="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: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="59" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,816</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" 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>6,787</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" 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="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> </tr>
    <tr >

        <td width="388" valign=top style='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 &nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>outstanding &#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=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: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="59" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,852</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" 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>6,888</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" 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="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> </tr>
    <tr >

        <td width="388" valign=top style='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 earnings per share: </font></p>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</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="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:left;margin-top: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:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="59" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.88</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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=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="55" 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>0.06</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> </tr>
    <tr >

        <td width="388" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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: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="59" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" 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="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> </tr>
    <tr >

        <td width="388" valign=top style='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>Diluted earnings per share: </font></p>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Net income</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="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:left;margin-top: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:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="59" valign=bottom style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.88</font></p> </td>

        <td width="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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=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="55" 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>0.06</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> </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:3pt;text-align:left;'><font size=2>See accompanying notes to condensed 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>1</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:3pt;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>CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)</font></B></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="683" style='border-collapse:collapse'>
    <tr >

        <td width="458" 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'><i><font size=2>(In thousands)</font></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:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="45" 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'><b><font
size=2>April 30,  2009</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="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  colspan="3" valign=top style='border-bottom: solid black 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>January 31,</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</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:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="458" valign=top style='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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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: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: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=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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="458" valign=top style='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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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: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: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=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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="54" 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>6,503</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:left;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=2>$</font></p> </td>

        <td width="50" 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>2,735</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>848</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:left;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="50" 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>220</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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 receivable, less allowance for doubtful accounts of $434 at </font>                                                <font size=2>&nbsp;&nbsp;&nbsp;April 30, 2009 and $473 at January 31, 2009</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>55,455</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:left;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="50" 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>59,766</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>46,304</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:left;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="50" 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>52,291</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>9,486</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:left;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="50" 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>8,600</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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 </font></p>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>uncompleted contracts</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>3,607</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:left;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="50" 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>2,472</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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>Deferred 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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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="54" 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>2,174</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:left;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="50" 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>2,171</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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>Total current 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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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='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="54" valign=bottom 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>124,377</font></p> </td>

        <td width="10" 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  colspan="2" 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=bottom 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="50" valign=bottom 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>128,255</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='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 of accumulated depreciation</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>47,722</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:left;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="50" 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>47,256</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>4,277</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:left;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="50" 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>2,756</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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&#146; life insurance policies</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>2,600</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:left;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="50" 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>1,677</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>666</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:left;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="50" 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>431</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>181</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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" 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 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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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="54" 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>465</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:left;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="50" 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>481</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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="54" 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>8,189</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:left;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="50" 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>5,637</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding: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 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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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>$</font></p> </td>

        <td width="54" 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>180,288</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  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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" 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>$</font></p> </td>

        <td width="50" 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>181,148</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="54" 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>23,413</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:left;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=2>$</font></p> </td>

        <td width="50" 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>27,232</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>10,106</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:left;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="50" 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>12,793</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>7,091</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:left;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="50" 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>8,206</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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 </font><font size=2>and management incentive payable</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>6,245</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:left;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="50" 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>10,418</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>6,223</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:left;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="50" 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>4,947</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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 </font><br>                                                 <font size=2>&nbsp;&nbsp;&nbsp;on uncompleted contracts</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>3,686</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:left;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="50" 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>2,586</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>3,634</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:left;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="50" 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>3,601</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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="54" 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>1,758</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:left;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="50" 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>488</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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>Total current liabilities</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>62,156</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:left;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="50" 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>70,271</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>42,559</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:left;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="50" 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>42,090</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>3,407</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:left;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="50" 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>2,502</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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 long term liabilities</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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="54" 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>1,911</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:left;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="50" 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>2,107</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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>Total long-term liabilities</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>47,877</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:left;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="50" 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>46,699</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='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&#146; equity:</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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="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:left;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="50" 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="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:.25in;text-indent:-9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Common stock, $.01 par value, authorized 50,000 shares; 6,818 issued and outstanding at April 2009 and 6,815 issued and outstanding at January 2009</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>68</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:left;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="50" 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>68</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>47,158</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:left;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="50" 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>46,922</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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="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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" 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>24,929</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:left;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="50" 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>18,923</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" 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>Accumulated other comprehensive loss</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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="54" 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>(1,900</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=2>)</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:left;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="50" 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>(1,735</font></p> </td>

        <td width="11" 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="458" 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 stockholders&#146; equity</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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="54" 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>70,255</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:left;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="50" 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>64,178</font></p> </td>

        <td width="11" 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> </tr>
    <tr >

        <td width="458" valign=top style='padding: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 liabilities and stockholders&#146; equity</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="45" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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=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>$</font></p> </td>

        <td width="54" 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>180,288</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  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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" 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>$</font></p> </td>

        <td width="50" 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>181,148</font></p> </td>

        <td width="11" 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> </tr>
    <tr>

        <td width="458" ></td>

        <td width="12" ></td>

        <td width="45" ></td>

        <td width="10" ></td>

        <td width="54" ></td>

        <td width="10" ></td>

        <td width="9" ></td>

        <td width="11" ></td>

        <td width="14" ></td>

        <td width="50" ></td>

        <td width="11" ></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 condensed 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>2</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>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)</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="676" style='border-collapse:collapse'>
    <tr >

        <td width="461" 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'><i><font size=2>(In thousands)</font></i></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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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>Three Months Ended</font></b><br> <b><font size=2>April 30,</font></b></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> </tr>
    <tr >

        <td width="461" 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="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="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: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="55" valign=top style='border-bottom:solid black 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>2009</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: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:left;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></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> </tr>
    <tr >

        <td width="461" valign=top style='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 activities:</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" 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</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,006</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>423</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> </tr>
    <tr >

        <td width="461" valign=top style='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>Adjustments to reconcile net income to net cash flows from operating </font></p>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>activities:</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Depreciation and amortization</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,739</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,211</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> </tr>
    <tr >

        <td width="461" 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="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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,470</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(213</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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 deferred compensation plan</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(922</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(342</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Stock-based compensation expense</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>226</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>167</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> </tr>
    <tr >

        <td width="461" 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>Income from joint venture</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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>

        <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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(99</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Provision for uncollectible accounts</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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="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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1</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> </tr>
    <tr >

        <td width="461" valign=top style='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>Changes in operating assets and liabilities:</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" 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</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,307</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(6,434</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Accounts receivable</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,486</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(6,882</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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="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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,167</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(700</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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 assets and liabilities</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,782</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(408</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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="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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,590</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,934</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Income taxes receivable</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,315</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>608</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> </tr>
    <tr >

        <td width="461" 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>Customers&#146; deposits</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,052</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,142</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> </tr>
    <tr >

        <td width="461" 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>Current liabilities</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(341</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,627</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> </tr>
    <tr >

        <td width="461" valign=top style='padding: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 cash provided by (used in) operating activities</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="55" 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=2>12,261</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:left;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" 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:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,833</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:justify;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: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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='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>Investing activities: </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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Purchases of property, plant and equipment</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,955</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=2>)</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="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="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(7,334</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='padding: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 cash used in investing activities</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="55" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,955</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=2>)</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="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="55" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(7,334</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:justify;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: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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='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>Financing activities:</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Repayment of debt</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(58,287</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(10,435</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Borrowings under revolving, term and mortgage loans</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>55,880</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,633</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> </tr>
    <tr >

        <td width="461" 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>Net (repayment) borrowings</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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; padding:0in .7pt 0in .7pt'>
<p style='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=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>(2,407</font></p> </td>

        <td width="9" 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=2>)</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:left;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; padding:0in .7pt 0in .7pt'>
<p style='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=top style='border-top:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,198</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> </tr>
    <tr >

        <td width="461" 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>Decrease in drafts payable</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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="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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,830</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Payments on capitalized lease obligations</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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</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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(43</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Stock options exercised</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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="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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1</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> </tr>
    <tr >

        <td width="461" 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>Tax  benefit of stock options exercised</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="55" valign=top style='border-bottom:solid black 1.0pt; padding: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="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:left;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>167</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> </tr>
    <tr >

        <td width="461" valign=top style='padding: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 cash (used in) provided by financing activities</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="55" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(6,041</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=2>)</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="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="55" valign=top style='border-bottom:solid black 1.0pt;  padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,493</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> </tr>
    <tr >

        <td width="461" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:justify;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: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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='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>Effect of exchange rate changes on cash and cash equivalents</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding: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="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=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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(28</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='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  increase (decrease) in cash and cash equivalents</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,768</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(702</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=2>)</font></p> </td> </tr>
    <tr >

        <td width="461" valign=top style='padding: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>Cash and cash equivalents &#150; beginning of 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: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: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="55" valign=top style='border-bottom:solid black 1.0pt; padding: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="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:left;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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,665</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> </tr>
    <tr >

        <td width="461" 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>Cash and cash equivalents &#150; end of 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: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: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 1.5pt; 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="55" 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>6,503</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: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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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=2>$</font></p> </td>

        <td width="55" valign=top style='border-bottom:solid black 1.5pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,963</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> </tr>
    <tr >

        <td width="461" 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="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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" 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>Supplemental cash flow information:</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" valign=bottom 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 paid for:</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</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="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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="461" valign=bottom 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>Interest, net of capitalized amounts</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>681</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>590</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> </tr>
    <tr >

        <td width="461" valign=bottom 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>Income taxes paid</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="36" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>116</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: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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1</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> </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 condensed 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>3</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>NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><B><font SIZE=2>APRIL 30, 2009</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>(Tabular 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>


<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'><i><b><font size=2>Basis of presentation:  </font></b></i><font size=2>The unaudited financial statements herein have been prepared by the Company in accordance with generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission.  Accordingly, footnote disclosures which would substantially duplicate the disclosures contained in the January 31, 2009 audited financial statements have been omitted from these interim financial statements.  Interim financial statements should be read in conjunction with the financial statements and the notes thereto
included in the Company&#146;s latest Annual Report on Form 10-K.  The Company&#146;s maintains a website </font><font color="#0000FF"><u><font size=2>www.mfri.com</font></u></font><u><font size=2>.  </font></u><font size=2>These reports and related materials are available free of charge as soon as reasonably practicable after the Company electronically delivers such material to the SEC.</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>


<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'><i><b><font size=2>Business Segment Reporting:</font></b></i><font size=2> The Company has three reportable segments under the criteria of SFAS No. 131, &#147;Disclosures about Segments of an Enterprise and Related Information.&#148;  The piping systems business engineers, designs, manufactures and sells specialty piping systems and leak detection and location systems.  The filtration products business manufactures and sells a wide variety of filter elements for air filtration and particulate collection systems.  The industrial process cooling equipment business engineers, designs, manufactures and sells
chillers, cooling towers, plant circulating systems and accessories for industrial process applications.  Included in corporate and other activity is a subsidiary, which engages in the installation of heating, ventilation and air conditioning (&#147;HVAC&#148;) systems, but which is not sufficiently large to constitute a reportable segment.</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="731" style='margin-left:20.95pt;border-collapse:collapse; '>
    <tr >

        <td width="374" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:justify;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>Three Months Ended</font></b></p>
<p style='margin-left:.95pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30,</font></b></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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='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>2009</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: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="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="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>2008</font></b></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="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='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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='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="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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>32,627</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="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="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="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>30,677</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>23,305</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="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="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="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>25,817</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>5,053</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="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="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="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>9,067</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>6,594</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: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="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="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>420</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="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='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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding: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="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="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>67,579</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:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.5pt; 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: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>65,981</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="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='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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=top style='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="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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>14,148</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="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="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="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>5,460</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>2,646</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="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="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="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>3,269</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>1,051</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="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="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="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>2,392</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>882</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: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="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="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>22</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="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='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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding: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="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="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>18,727</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:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.5pt; 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: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>11,143</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="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='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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=top style='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="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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>9,952</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="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="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="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>2,932</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" 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="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="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>(285</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=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="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="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>253</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=bottom 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="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="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>(495</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=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="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="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>(40</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=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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=bottom 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="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="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>(2,300</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: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="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="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>(2,010</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=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: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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding: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>Income from operations</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="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>6,872</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:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.5pt; 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: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>1,135</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="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='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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=top style='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="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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=bottom 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="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="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>9,952</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="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="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="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>3,031</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=bottom 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="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="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>(285</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=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="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="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>253</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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=bottom 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="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="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>(495</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=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="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="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>(40</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=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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="374" valign=bottom 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="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="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>(2,988</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: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="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="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>(2,633</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=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: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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding: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>Income before income taxes</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="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>6,184</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:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.5pt; 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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</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>611</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="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='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="59" 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="15" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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: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="55" 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="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="374" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="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="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="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="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="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="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="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="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="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>

        <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="55" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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 .7pt'>
<p 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:0.25in; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>

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

<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>4</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 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:justify;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Inventories consisted of the following:</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="575" style='margin-left:20.95pt;border-collapse:collapse; '>
    <tr >

        <td width="349" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="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  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>April 30,</font></b></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</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>

        <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  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>January 31,</font></b></p>
<p style='margin-left:0pt;text-indent:2.25pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</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:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="349" 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>Raw materials</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="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="67" 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>35,760</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>

        <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="26" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="53" valign=top style='padding: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="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> </tr>
    <tr >

        <td width="349" 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>Work in progress</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="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="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>6,553</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>

        <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="26" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="53" valign=top style='padding: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="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> </tr>
    <tr >

        <td width="349" 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>Finished goods</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="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="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="67" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,240</font></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>

        <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="26" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="53" valign=top style='border-bottom:solid black 1.0pt; padding: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="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> </tr>
    <tr >

        <td width="349" valign=bottom 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>Sub 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:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <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="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>47,553</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>

        <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="26" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="53" valign=top style='padding: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="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> </tr>
    <tr >

        <td width="349" 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>Less: Inventory allowance</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="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="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="67" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,249</font></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>

        <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="26" valign=top style='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="53" valign=top style='border-bottom:solid black 1.0pt; padding: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="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> </tr>
    <tr >

        <td width="349" 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>Inventory, 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="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="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="67" 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>46,304</font></p> </td>

        <td width="15" 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:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="26" 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="53" 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="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> </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="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'><i><b><font size=2>Other intangible assets with definite lives:</font></b></i><font size=2>  Patents are capitalized and amortized on a straight-line basis over a period not to exceed the legal lives of the patents.  Patents were $2,499,000 at April 30, 2009 and $2,494,000 at January 31, 2009.  Accumulated amortization was $2,318,000 and $2,202,000 at April 30, 2009 and January 31, 2009, respectively.  Future amortization over the next five years ending January 31 will be $35,000 in the balance of 2010, $28,000 in 2011, $28,000 in 2012, $28,000 in 2013, $28,000 in 2014 and $34,000 thereafter.</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'><i><b><font size=2>Pension Plan for Hourly-Rated Employees of Midwesco Filter Resources, Inc., Winchester, Virginia</font></b></i><font size=2>: The market-related value of plan assets at April 30, 2009 and January 31, 2009 was $3,486,372 and $3,047,730, respectively.  Net cost recognized was as follows:</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="575" style='margin-left:20.05pt;border-collapse:collapse; '>
    <tr >

        <td width="331" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="38" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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>Three Months Ended</font></b></p>
<p
style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30,</font></b></p> </td>

        <td width="33" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="331" 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>Components of net periodic benefit cost:</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="38" 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="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>2009</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="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="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: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>2008</font></b></p> </td>

        <td width="33" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="331" 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>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="38" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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=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>29</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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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: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>31</font></p> </td>

        <td width="33" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="331" 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>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="38" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="50" 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>65</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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="51" 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>59</font></p> </td>

        <td width="33" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="331" 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>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="38" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="50" 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>(61</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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="51" 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>(77</font></p> </td>

        <td width="33" valign=top style='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="331" 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>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="38" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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="50" 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>27</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="18" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="51" 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>27</font></p> </td>

        <td width="33" valign=top style='padding:0in .7pt 0in .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="331" 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>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="38" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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='border-bottom:solid black 1.0pt; padding:0in .7pt 0in .7pt'>
<p style='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=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>25</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="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="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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="51" 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>7</font></p> </td>

        <td width="33" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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="331" 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>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="38" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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='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>85</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="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="8" 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>47</font></p> </td>

        <td width="33" valign=top style='padding:0in .7pt 0in .7pt'>
<p 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; margin-left:0.25in;text-align:left;'><font size=2>Employer contributions remaining for fiscal year ending January 31, 2010 are expected to be $261,520.  For the three months ended April 30, 2009, $309,133 of contributions was made.</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>6.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Equity-based</font></b></i><font size=2> </font><i><b><font size=2>compensation:  </font></b></i><font size=2>At April 30, 2009, the Company has equity-based compensation plans from which stock-based compensation awards can be granted to eligible employees, officers or directors.</font></p> </td> </tr></table>
</div>


<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-align:left;'><font size=2>The Company granted options to purchase 20,000 shares of common stock to two new directors during the three-month period ended April 30, 2009, in accordance with the provisions of the 2001 Independent Directors&#146; Stock Option Plan.</font></p>

<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>Stock-based compensation expense was as follows: </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="516" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr >

        <td width="360" 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="16" valign=top style='padding:0in 1.45pt 0in 1.45pt'>
<p 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="50" valign=top style='border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</font></b></p> </td>

        <td width="16" valign=top style='border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23"
valign=top style='border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 1.45pt'>
<p style='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 1.45pt 0in 1.45pt'>
<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> </tr>
    <tr >

        <td width="360" 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>Three-month period ended April 30</font></p> </td>

        <td width="16" valign=top style='padding:0in 1.45pt 0in 1.45pt'>
<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="50" valign=top style='padding:0in 1.45pt 0in 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>226</font></p> </td>

        <td width="16" valign=top style='padding:0in 1.45pt 0in 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0in 1.45pt 0in 1.45pt'>
<p 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 1.45pt 0in 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>167</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>The fair values of the option awards granted prior to, but not vested as of, April 30, 2009 and 2008 respectively, were estimated on the grant dates using the Black-Scholes option pricing model and the assumptions shown in the following table:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="586" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr >

        <td width="288" 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'><i>&nbsp;</i></p> </td>

        <td  colspan="2" 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:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Three Months Ended</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30, 2009</font></b></p> </td>

        <td width="16" 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="16" 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  colspan="2" 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:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Three Months Ended</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30, 2008</font></b></p> </td> </tr>
    <tr >

        <td width="288" 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>Expected volatility</font></p> </td>

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

        <td width="120" 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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>51.72%-66.82%</font></p> </td>

        <td width="16" 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="16" 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="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="112" 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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46.81%-62.43%</font></p> </td> </tr>
    <tr >

        <td width="288" 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>Risk-free interest rate</font></p> </td>

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

        <td width="120" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1.88%-5.16%</font></p> </td>

        <td width="16" 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="16" 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="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2.80%-5.16%</font></p> </td> </tr>
    <tr >

        <td width="288" 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>Dividend yield</font></p> </td>

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

        <td width="120" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<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 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=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="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0%</font></p> </td> </tr>
    <tr >

        <td width="288" 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>Expected life </font></p> </td>

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

        <td width="120" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5 - 7 years</font></p> </td>

        <td width="16" 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="16" 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="18" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;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:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5 - 7 years</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>&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>5</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; margin-left:0.25in;text-align:left;'><font size=2>Stock option activity for the three months ended April 30, 2009 was as follows: </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="662" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr style='height:46.35pt'>

        <td width="245" valign=bottom style='padding:0in 0in 0in 1.45pt; height:46.35pt'>
<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="86" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Options</font></b></p> </td>

        <td width="21" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="83" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:46.35pt'>
<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</font></b></p> </td>

        <td width="16" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:46.35pt'>
<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="109" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted-Average Remaining Contractual Term</font></b></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.0pt; padding:0in 0in 0in 1.45pt; height:46.35pt'>
<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="92" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Aggregate Intrinsic Value</font></b></p> </td> </tr>
    <tr style='height:7.75pt'>

        <td width="245" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:7.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding on January 31, 2009</font></p> </td>

        <td width="86" nowrap valign=bottom style=' padding:0in 0in 0in 1.45pt; height:7.75pt'>
<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="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt;height:7.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt;height:7.75pt'>
<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="16" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt;height:7.75pt'>
<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="109" nowrap valign=bottom style=' padding:0in 0in 0in 1.45pt; height:7.75pt'>
<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" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt;height:7.75pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="92" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt;height:7.75pt'>
<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 style='height:9.0pt'>

        <td width="245" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<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="86" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<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="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6.19</font></p> </td>

        <td width="16" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="109" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<p style='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" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="92" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:9.0pt'>
<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:12.15pt'>

        <td width="245" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:12.15pt'>
<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="86" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:12.15pt'>
<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="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:12.15pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:12.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2.16</font></p> </td>

        <td width="16" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:12.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="109" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; 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" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:12.15pt'>
<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="92" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:12.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10</font></p> </td> </tr>
    <tr style='height:10.35pt'>

        <td width="245" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.35pt'>
<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="86" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:10.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(12</font></p> </td>

        <td width="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.35pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=2>)</font></p> </td>

        <td width="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>20.17</font></p> </td>

        <td width="16" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.35pt'>
<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="109" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.35pt'>
<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" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.35pt'>
<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="92" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.35pt'>
<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 style='height:13.0pt'>

        <td width="245" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Outstanding on April 30, 2009</font></p> </td>

        <td width="86" nowrap valign=bottom style=' border-bottom:solid black 1.5pt; padding:0in 0in 0in 1.45pt;height:13.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>555</font></p> </td>

        <td width="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>14.49</font></p> </td>

        <td width="16" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.0pt'>
<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="109" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><font size=2>7.1 years</font></p> </td>

        <td width="11" nowrap valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 0in 0in 1.45pt;height:13.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="92" nowrap valign=bottom style='border-bottom: solid black 1.5pt;padding:0in 0in 0in 1.45pt;height:13.0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>273</font></p> </td> </tr>
    <tr style='height:13.5pt'>

        <td width="245" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; 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>

        <td width="86" nowrap valign=bottom style=' padding:0in 0in 0in 1.45pt; 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="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; 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="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; 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" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<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="109" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<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="11" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt;height:13.5pt'>
<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="92" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt;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> </tr>
    <tr style='height:13.5pt'>

        <td width="245" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Exercisable on April 30, 2009</font></p> </td>

        <td width="86" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>248</font></p> </td>

        <td width="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<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="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8.86</font></p> </td>

        <td width="16" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<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="109" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>5.2 years</font></p> </td>

        <td width="11" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="92" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:13.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>273</font></p> </td> </tr>
    <tr style='height:20.2pt'>

        <td width="245" valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Weighted-average fair value of options granted during first three months of 2009</font></p> </td>

        <td width="86" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="21" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="83" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3.64</font></p> </td>

        <td width="16" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="109" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<p style='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" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="92" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:20.2pt'>
<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=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>The weighted-average exercise price per nonvested stock award at grant date was $6.19 per share for the nonvested stock awards granted in 2009. Nonvested stock award activity for the three months ended April 30, 2009 was as follows:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="440" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr style='height:22.4pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:22.4pt'>
<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="82" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:22.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Nonvested Stock Outstanding</font></b></p> </td>

        <td width="27" valign=top style='border-bottom:solid black 1.0pt; padding:0in 0in 0in 1.45pt; height:22.4pt'>
<p style='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 0in 0in 1.45pt; height:22.4pt'>
<p
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=bottom style=' border-bottom:solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:22.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted-Average Price</font></b></p> </td> </tr>
    <tr style='height:7.1pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:7.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Outstanding on January 31, 2009</font></p> </td>

        <td width="82" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:7.1pt'>
<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="27" valign=top style='padding:0in 0in 0in 1.45pt; height:7.1pt'>
<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="12" valign=top style='padding:0in 0in 0in 1.45pt; height:7.1pt'>
<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  colspan="2" valign=bottom style='padding:0in 0in 0in 1.45pt; height:7.1pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$&nbsp;&nbsp; 19.95</font></p> </td> </tr>
    <tr style='height:10.4pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.4pt'>
<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="82" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.4pt'>
<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="27" valign=top style='padding:0in 0in 0in 1.45pt; height:10.4pt'>
<p style='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 0in 0in 1.45pt; height:10.4pt'>
<p 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=bottom style='padding:0in 0in 0in 1.45pt; height:10.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6.19</font></p> </td> </tr>
    <tr style='height:4.6pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:4.6pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Released</font></p> </td>

        <td width="82" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:4.6pt'>
<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="27" valign=top style='padding:0in 0in 0in 1.45pt; height:4.6pt'>
<p style='margin-left:-1.35pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="12" valign=top style='padding:0in 0in 0in 1.45pt; height:4.6pt'>
<p style='margin-left:-1.35pt;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 0in 0in 1.45pt; height:4.6pt'>
<p style='margin-left:-1.35pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16.12</font></p> </td> </tr>
    <tr style='height:7.4pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:7.4pt'>
<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="82" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0in 0in 0in 1.45pt;height:7.4pt'>
<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="27" valign=top style='padding:0in 0in 0in 1.45pt; height:7.4pt'>
<p style='margin-left:-1.35pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=2>)</font></p> </td>

        <td width="12" valign=top style='padding:0in 0in 0in 1.45pt; height:7.4pt'>
<p style='margin-left:-1.35pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0in 0in 0in 1.45pt; height:7.4pt'>
<p style='margin-left:-1.35pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0in'><font size=2>19.92</font></p> </td> </tr>
    <tr style='height:10.15pt'>

        <td width="240" nowrap valign=bottom style='padding:0in 0in 0in 1.45pt; height:10.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Outstanding on April 30, 2009</font></p> </td>

        <td width="82" nowrap valign=bottom style=' border-bottom:solid black 1.5pt; padding:0in 0in 0in 1.45pt;height:10.15pt'>
<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="27" valign=top style='padding:0in 0in 0in 1.45pt; height:10.15pt'>
<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 0in 0in 1.45pt; height:10.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom:0pt'>
<font size=2>&nbsp;</font></p> </td>

        <td width="12" valign=top style='padding:0in 0in 0in 1.45pt; height:10.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'>&nbsp;</p> </td>

        <td width="67" valign=top style='padding:0in 0in 0in 1.45pt; height:10.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'>
<font size=2>$&nbsp;&nbsp; 19.06</font></p> </td> </tr></table>
</div>

<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-align:left;'><font size=2>As of April 30, 2009, there was $2,181,000 of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under the equity-based compensation plans.  That cost is expected to be recognized over a period of 2.4 years.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;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 style='padding:0in 0in 10.0pt 0in'>
<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 style='padding:0in 0in 10.0pt 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>The basic weighted-average shares reconciled to diluted weighted average shares as follows:</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="738" style='margin-left:.25in;border-collapse:collapse; '>
    <tr >

        <td width="372" valign=bottom 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=1>&nbsp;</font></p> </td>

        <td  colspan="6" style='border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Three Months Ended</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30,</font></b></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" 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=1>&nbsp;</font></p> </td>

        <td  colspan="6" 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="10" 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=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" valign=bottom 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'><i>&nbsp;</i></p> </td>

        <td  colspan="2" 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: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</font></b></p> </td>

        <td width="14" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<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  colspan="2" valign=top 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 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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  colspan="2" 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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  colspan="2" 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="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<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> </tr>
    <tr >

        <td width="372" valign=bottom 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>Net income </font></p> </td>

        <td width="14" valign=top 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>$</font></p> </td>

        <td width="58" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  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>6,006</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" 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: center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="54" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0in 2.15pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=bottom style='padding:0in 1.45pt 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="52" valign=bottom style='padding:0in 1.45pt 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="15" valign=bottom 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="52" valign=bottom style='padding:0in 1.45pt 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=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:.25in;text-indent:-.25in;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="14" valign=top style='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=1>&nbsp;</font></p> </td>

        <td width="58" valign=bottom style='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>6,816</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='padding:0in 1.45pt 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="54" valign=bottom style='padding:0in 2.15pt 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="52" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='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=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" valign=bottom 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>Dilutive effect of stock options</font></p> </td>

        <td width="14" 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:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="58" valign=bottom style='border-bottom: solid black 1.0pt; 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>36</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 1.45pt 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="54" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 2.15pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=bottom style='padding:0in 1.45pt 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="52" valign=bottom style='padding:0in 1.45pt 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="15" valign=bottom 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="52" valign=bottom style='padding:0in 1.45pt 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=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>Weighted average number of common shares outstanding assuming full  dilution</font></p> </td>

        <td width="14" valign=top 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=1>&nbsp;</font></p> </td>

        <td width="58" 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>6,852</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" 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: center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0in 2.15pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=bottom style='padding:0in 1.45pt 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="52" valign=bottom style='padding:0in 1.45pt 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="15" valign=bottom 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="52" valign=bottom style='padding:0in 1.45pt 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=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" 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>Basic earnings per share net income</font></p> </td>

        <td width="14" valign=top style='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>$</font></p> </td>

        <td width="58" valign=bottom style='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>0.88</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="54" valign=bottom style='padding:0in 2.15pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="52" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='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=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" 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>Diluted earnings per share net income</font></p> </td>

        <td width="14" valign=top style='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>$</font></p> </td>

        <td width="58" valign=top style='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>0.88</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="54" valign=top style='padding:0in 2.15pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="52" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=bottom style='padding:0in .7pt 0in 0in'>
<p style='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=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:6.5pt'>

        <td width="372" valign=bottom style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="58" valign=top style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; height:6.5pt'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="54" valign=top style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="52" valign=top style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="14" valign=top style='padding:0in 1.45pt 0in 0in; 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="15" valign=top style='padding:0in .7pt 0in 0in; 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="52" valign=top style='padding:0in 1.45pt 0in 0in; 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 1.45pt 0in 0in; height:6.5pt'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options not included in the computation of diluted earnings per share of common stock because the option exercise prices exceeded the average market prices of the common shares</font></p> </td>

        <td width="14" valign=top style='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=1>&nbsp;</font></p> </td>

        <td width="58" valign=bottom style='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>438</font></p> </td>

        <td width="14" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;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 1.45pt 0in 0in'>
<p style='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 4.3pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" valign=bottom style='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>142</font></p> </td>

        <td width="14" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;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 1.45pt 0in 0in'>
<p style='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 1.45pt 0in 0in'>
<p style='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=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="15" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="52" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" 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="14" valign=top style='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=1>&nbsp;</font></p> </td>

        <td width="58" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;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 1.45pt 0in 0in'>
<p style='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 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="54" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;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 1.45pt 0in 0in'>
<p style='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 1.45pt 0in 0in'>
<p style='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=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="15" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="52" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="372" valign=bottom style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options with an exercise price below the average market price</font></p> </td>

        <td width="14" valign=top style='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=1>&nbsp;</font></p> </td>

        <td width="58" valign=bottom style='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>116</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="54" valign=bottom style='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>287</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="52" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="15" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="52" valign=bottom style='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=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0in;margin-bottom: 0in'><font size=1>&nbsp;</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;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>


<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>8.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>The components of comprehensive (loss) income, net of tax, were as follows:</font></b></i></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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="732" style='margin-left:.25in;border-collapse:collapse; '>
    <tr >

        <td width="366" valign=bottom 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=1>&nbsp;</font></p> </td>

        <td  colspan="6" style='border-bottom:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Three Months Ended</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30,</font></b></p> </td>

        <td width="15" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" 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=1>&nbsp;</font></p> </td>

        <td  colspan="6" 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="10" 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=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="366" valign=bottom 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'><i>&nbsp;</i></p> </td>

        <td  colspan="2" 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: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</font></b></p> </td>

        <td width="18" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<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  colspan="2" valign=top style=' border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in'>
<p style='margin-left:0in;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><b><font size=2>2008</font></b></p> </td>

        <td width="15" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-4.5pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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  colspan="2" 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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  colspan="2" 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="10" valign=top style='padding:0in 1.45pt 0in 0in'>
<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> </tr>
    <tr style='height:10.9pt'>

        <td width="366" valign=bottom style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in;height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" valign=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,006</font></p> </td>

        <td width="18" valign=top style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='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=top style='border-top:solid black 1.0pt; padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p 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=top style='border-top:solid black 1.0pt; padding:0in 2.15pt 0in 0in; height:10.9pt'>
<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="15" valign=top style='padding:0in 1.45pt 0in 2.9pt; height:10.9pt'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='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 1.45pt 0in 0in; height:10.9pt'>
<p style='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=bottom style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='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=top style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='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=top style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="15" valign=bottom style='padding:0in .7pt 0in 0in; height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="53" valign=bottom style='padding:0in 1.45pt 0in 0in; height:10.9pt'>
<p style='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 1.45pt 0in 0in; height:10.9pt'>
<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="366" valign=bottom 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>Foreign currency translation adjustments</font></p> </td>

        <td width="14" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 1.45pt 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="51" valign=bottom style='border-bottom: solid black 1.0pt; 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>(165</font></p> </td>

        <td width="18" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td>

        <td width="14" 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=1>&nbsp;</font></p> </td>

        <td width="14" valign=bottom style='border-bottom: solid black 1.0pt; 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=1>&nbsp;</font></p> </td>

        <td width="55" valign=bottom style='border-bottom: solid black 1.0pt; padding:0in 2.15pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>555</font></p> </td>

        <td width="15" valign=top style='padding:0in 1.45pt 0in 4.3pt'>
<p style='margin-left:-4.6pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=bottom style='padding:0in 1.45pt 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="52" valign=bottom style='padding:0in 1.45pt 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="15" valign=bottom 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="53" valign=bottom style='padding:0in 1.45pt 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=top style='padding:0in 1.45pt 0in 0in'>
<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> </tr>
    <tr >

        <td width="366" valign=bottom 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>Comprehensive income</font></p> </td>

        <td width="14" 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:center;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="51" 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>5,841</font></p> </td>

        <td width="18" valign=top style='padding:0in 1.45pt 0in 0in'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" 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>$</font></p> </td>

        <td width="55" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0in 2.15pt 0in 0in'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>978</font></p> </td>

        <td width="15" valign=top style='padding:0in 1.45pt 0in 2.9pt'>
<p style='margin-left:-9.05pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0in'><font size=1>&nbsp;</font></p> </td>

        <td width="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=bottom style='padding:0in 1.45pt 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="52" valign=bottom style='padding:0in 1.45pt 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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="14" valign=top style='padding:0in 1.45pt 0in 0in'>
<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="15" valign=bottom 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="53" valign=bottom style='padding:0in 1.45pt 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=top style='padding:0in 1.45pt 0in 0in'>
<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> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>Accumulated other comprehensive loss presented on the accompanying condensed consolidated balance sheets consisted of the following:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.25in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="578" style='margin-left:.25in;border-collapse:collapse; '>
    <tr >

        <td width="368" valign=bottom >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><i>&nbsp;</i></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>April 30,</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</font></b></p> </td>

        <td width="26" valign=top >
<p 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="15" valign=top >
<p 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; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>January 31,</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2009</font></b></p> </td>

        <td  colspan="2" valign=top >
<p 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="368" valign=bottom >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Foreign currency translation adjustments</font></p> </td>

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

        <td width="50" valign=top style='border-top:solid black 1.0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(678</font></p> </td>

        <td width="26" 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="15" 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="13" valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td  colspan="2" valign=top style=' border-top:solid black 1.0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(513</font></p> </td>

        <td width="25" valign=bottom >
<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="368" valign=bottom >
<p style='margin-left:.25in;text-indent:-.25in;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>Pension adjustment (net of cumulative tax benefit of  $749)</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.0pt; '>
<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="50" valign=bottom style='border-bottom: solid black 1.0pt; '>
<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="26" valign=bottom >
<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="15" valign=bottom >
<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; '>
<p 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=' border-bottom:solid black 1.0pt; '>
<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="25" valign=bottom >
<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="368" valign=bottom >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Accumulated other comprehensive loss</font></p> </td>

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

        <td width="50" valign=bottom style='border-bottom: solid black 1.5pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,900</font></p> </td>

        <td width="26" valign=bottom >
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0in'><font size=2>)</font></p> </td>

        <td width="15" valign=bottom >
<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 1.5pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.5pt; '>
<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="25" valign=bottom >
<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="368" ></td>

        <td width="12" ></td>

        <td width="50" ></td>

        <td width="26" ></td>

        <td width="15" ></td>

        <td width="13" ></td>

        <td width="68" ></td>

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

        <td width="25" ></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>


<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>9.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>New accounting pronouncements</font></b></i><font size=2>:  In June 2009, the Financial Accounting Standards Board (&#147;FASB&#148;) issued &#147;Subsequent Events&#148; (&#147;SFAS 165&#148;).  SFAS 165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued.  The effective date of SFAS 165 is interim or annual financial periods ending after June 15, 2009.  The Company does not expect the adoption of SFAS 165 to have a material effect on its consolidated
financial statements.</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>In April 2008, FASB issued Staff Position SFAS 142-3 (&#147;FSP&#148;), &#147;Determination of the Useful Life of Intangible Assets,&#148; to provide guidance for determining the useful life of recognized intangible assets and to improve consistency between the period of expected cash flows used to measure the fair value of a recognized intangible asset and the useful life of the intangible asset as determined under FASB Statement 142, &#147;Goodwill and Other Intangible Assets&#148;(SFAS 142&#148;).  FSP requires that an entity consider its own historical experience in renewing or extending similar arrangements.  However, the entity must adjust that experience based on entity-specific factors included in SFAS 142.  If the company lacks historical experience to consider for similar arrangements, it would consider assumptions that market participants would use about renewal or extension, as
adjusted for the entity-specific factors under SFAS 142.  The Company adopted FSP as of the required effective date of February 1, 2009.  The Company expenses costs incurred to renew or extend the term of intangible assets.  The Company does not assume the ability to renew any existing intangibles.  Adoption of FSP SFAS 142-3 did not have a significant effect on the Company&#146;s financial statements.</font></p>

<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>In April 2009, the FASB issued Staff Position SFAS 107-b and APB 28-a. SFAS 107-a amends SFAS 107, &#147;Disclosures About Fair Value of Financial Instruments&#148;, and FSP APB 28-a amends APBO 28,  &#147;Interim Financial Reporting&#148;, to require fair value disclosures for interim financial statements.  These will be effective for interim periods ending after June 15, 2009.  The Company does not expect  the adoption of SFAS 107-b to have a material effect on its consolidated financial statements.</font></p>

<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>In December 2008, the FASB issued &#147;Employers&#146; Disclosures about Postretirement Benefit Plan Assets&#148; (&#147;FSP 132(R)-1&#148;).  FSP 132(R)-1 requires additional disclosures for plan assets of defined benefit pension or other postretirement plans.  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.  FSP 132(R)-1 does not change the accounting treatment for postretirement benefit plans.  FSP 132(R)-1 is effective for the Company January 31, 2010 and does not require disclosures on an interim basis.</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>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>

<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; margin-left:0.25in;text-align:left;'><font size=2>In May 2008, the FASB issued &#147;The Hierarchy of Generally Accepted Accounting Principles&#148; (&#147;SFAS 162&#148;).  SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements that are presented in conformity with generally accepted accounting principles.  SFAS 162 becomes effective 60 days following the SEC&#146;s approval of the Public Company Accounting Oversight Board amendments to AU Section 411, &#147;The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles&#148;.  The Company does not expect the adoption of SFAS 162 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; margin-left:0.25in;text-align:left;'><font size=2>Other accounting standards that have been issued 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>


<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>10.</font></p> </td>

        <td  valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Debt:  </font></b></i><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.  At April 30, 2009 and January 31, 2009, the Company was in compliance with covenants under the Loan Agreement as defined below.  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 April 30, 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 1.75 percentage points, respectively.  Monthly interest payments were made.  As of April 30, 2009, the Company had borrowed $24,172,000 and had $4,019,000 available to it under the revolving line of credit.  In addition, $425,000 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 April 30, 2009, the amount of restricted cash was $848,000.  Cash required for operations is provided by draw-downs on the line of credit.</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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="658" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="16" 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="61" 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 2.</font></b></p> </td>

        <td width="581" nowrap 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 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 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 &#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, competition, international rapid growth, changes in government policies  and laws, worldwide economic conditions, government regulation, economic factors, consumer access to capital funds, backlog, financing, internal control, market demand and pricing, , 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;'><U><B><font SIZE=2>RESULTS OF OPERATIONS</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;'><b><font size=2>Consolidated MFRI, Inc.</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 "Company" or the "Registrant") is engaged in the manufacture and sale of products in three reportable business segments:  piping systems, filtration products, and industrial process cooling equipment.  The Company website address is </font><font color="#0000FF"><u><font size=2>www.mfri.com</font></u></font><font size=2>.</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>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>

<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>This discussion should be read in conjunction with the condensed consolidated financial statements, including the notes thereto.  An overview of the segment results is provided in Note 2 of the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in Item 1 of this report.</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>Three months ended April 30, 2009 (&#147;current quarter&#148;) vs. Three months ended April 30, 2008 (&#147;prior-year quarter&#148;)</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>Record first quarter net sales of $67,579,000 increased 2.4% from $65,981,000 for the prior-year quarter.  (See discussion of each business segment 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;'><font size=2>Gross profit of $18,727,000 increased 68.1% from $11,143,000 in the prior-year quarter, and increased to 27.7% of sales in the current quarter from 16.9% of sales in the prior-year quarter.  Gross profit in the piping systems business rose to $14,148,000 for the current quarter from $5,460,000 in the prior-year quarter.  As of April 30, 2009, the Company had successfully completed over 95% of the production on the India pipeline project.  The Company would not expect a project similar to the one in India to be replaced in the 2009 backlog.  (See discussion of each business segment 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;'><font size=2>Selling expenses decreased 16.8% to $3,099,000 for the current quarter from $3,726,000 in the prior-year quarter.  This was primarily driven by the Industrial Process Cooling Equipment business, which had decreased commission expense from lower sales and a decline in compensation and related expenses due to staff reductions.  (See discussion of each business segment 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;'><font size=2>General and administrative expenses increased 39.4% to $8,756,000 for the current quarter from $6,282,000 in the prior-year quarter.  The increase was mainly due to increased profit-based management incentive expense.  (See discussion of each business segment 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;'><font size=2>Net income rose to a record of $6,006,000 in the current quarter from $423,000 in the prior-year quarter 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: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;'><font size=2>Net sales increased 6.4% to $32,627,000 in the current quarter from $30,677,000 in the prior-year quarter, attributed primarily to achieving market traction in the United Arab Emirates (&#147;U.A.E.&#148;) and the Gulf Cooperation Council  countries.  The insulation of pipe for a crude oil pipeline project in India began full production in the third quarter 2008 and contributed to the increase.  As of April 30, 2009, the Company had successfully completed over 95% of the production on the India pipeline project.  The Company would not expect a project similar to the one in India to be replaced in the backlog 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;'><font size=2>Gross profit increased to 43.4% of sales in the current quarter from 17.8% of sales in the prior-year quarter due to production efficiencies in both the domestic and international operations.  Gross profit in the U.A.E. improved with the increased volume without corresponding increases in fixed expenses, and from the India pipeline project that began full production in the summer of 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>Selling expenses increased to $637,000 in the current quarter from $602,000 for the prior-year quarter.  Selling expense as a percentage of sales remained the same at 2.0%.  This dollar increase was mainly due to increased commission expense related to higher 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>General and administrative expenses increased to $3,560,000 or 10.9% of net sales in the current quarter from $1,926,000 or 6.3% of net sales for the prior-year quarter.  The increase in general and administrative expenses was primarily due to the increased profit-based management incentive expense, administrative costs at the India facility, and increased staffing in the U.A.E.</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">

<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>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;'><font size=2>Net sales for the current quarter decreased 9.7% to $23,305,000 from $25,817,000 in the prior-year quarter.  Sales declines were the result of both lower market demand and increased competition in cartridge filter 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>Gross profit decreased to 11.4% of sales in the current quarter from 12.7% of sales in the prior-year quarter primarily due to the highly competitive marketplace and increased cost of 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>Selling expenses decreased to $1,766,000 in the current quarter from $1,966,000 for the comparable quarter last year.  Selling expense as a percentage of sales remained constant at 7.6%.  The dollar decrease was primarily due to fewer selling personnel.</font></p>

<p style=' margin-bottom: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 $1,165,000 or 5.0% of net sales in the current quarter from $1,050,000 or 4.1% of net sales in the prior-year quarter.  </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;'><b><font size=2>Industrial Process Cooling Equipment Business</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>Net sales of $5,053,000 for the current quarter decreased 44.3% from $9,067,000 for prior-year quarter due to lower demand for products in all market sectors, both domestic and international.</font></p>

<p style=' margin-bottom: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 decreased to 20.8% of sales from 26.4% of sales in the prior-year quarter primarily due to lower sales volume with which to spread fixed overhead expenses, and to a lesser extent, product mix.</font></p>

<p style=' margin-bottom: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 decreased to $696,000 or 13.8% of net sales in the current quarter from $1,157,000 or 12.8% of net sales in the prior-year quarter.  This was primarily driven by decreased commission expense from lower sales, and a decline in compensation and related expenses due to workforce reductions.</font></p>

<p style=' margin-bottom: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 decreased in the current quarter to $849,000 or 16.8% of net sales from $1,275,000 or 14.1% of net sales in the prior-year quarter.  The change in spending was a result of reduced outside product development services incurred in the current period, and lower compensation and related expenses due to workforce reductions.</font></p>

<p style=' margin-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;'><b><font size=2>General Corporate and Other</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>Included in corporate and other activity is a subsidiary, which engages in the sales and installation of HVAC systems, but which was not sufficiently large to constitute a reportable segment.  Net sales of $6,594,000 for the current quarter increased from $420,000 in the prior-year quarter.  The sales were related to various construction projects that were just starting in the first quarter 2008 and were very active in the first quarter 2009.  Due to current customer financing constraints, there are currently very few opportunities to obtain new HVAC business at this time.</font></p>

<p style=' margin-bottom: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 $3,182,000 in the current quarter from $2,033,000 in the prior-year quarter, and increased as a percentage of total company net sales to 4.7% in the current quarter from 3.1% in the prior-year quarter.  The increase was due mainly to increased profit-based management incentive expense, hiring of the Vice President of Human Resources and additional stock 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 increased to $688,000 for the current quarter from $623,000 in the prior-year quarter primarily due to increased borrowings.</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;'>
<b><font size=2>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>Taxes on earnings are based on estimated annual effective rates.  The 2.9% effective tax rate at April 30, 2009 was less than the statutory U.S. federal income tax rate, mainly due to the impact of income earned in the U.A.E. which was not subject to any local country tax.  During the current quarter, the Company re-evaluated the need for a valuation allowance against deferred tax assets.  It was determined that a partial valuation allowance of $844,000 was required, as the Company no longer believes that it is more likely than not, that the research and development credits will be utilized before January 2014.</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;'><U><B><font SIZE=2>LIQUIDITY AND CAPITAL RESOURCES</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>Cash and cash equivalents as of April 30, 2009 were $6,503,000 as compared to $2,735,000 at January 31, 2009.  The Company&#146;s working capital was $62,221,000 at April 30, 2009 compared to $57,984,000 at January 31, 2009.  The Company provided $12,261,000 from operations during the first three months of 2009.  Compared to January 31, 2009, inventories decreased by $6,307,000 mainly in the filtration products business for orders in production at January 31, 2009 and shipped in the first quarter, and trade receivables decreased by $4,486,000 mainly in the piping 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>Net cash used in investing activities for the three months ended April 30, 2009 consisted of $1,955,000 for capital expenditures mainly in the piping systems business.  Purchases were primarily for machinery and 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>Debt totaled $52,665,000, a decrease of $2,218,000 since the beginning of the current fiscal year.  Net cash provided by financing activities was $6,041,000.  Stock option activity resulted in $10,000 of cash inflow, which included $3,000 tax benefit of stock options exercised in addition to stock option proceeds of $7,000.</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>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.  At April 30, 2009 and January 31, 2009, the Company was in compliance with covenants under the Loan Agreement as defined below.  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
April 30, 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 1.75 percentage points, respectively.  Monthly interest payments were made.  As of April 30, 2009, the Company had borrowed $24,172,000 and had $4,019,000 available to it under the revolving line of credit.  In addition, $425,000 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 April 30, 2009, the amount of restricted cash was $848,000.  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;'><U><B><font SIZE=2>CRITICAL ACCOUNTING ESTIMATES AND POLICIES</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;'><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 </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>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: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>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>Stock options:  </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.  The Black-Scholes option-pricing model is utilized to estimate the fair value of awards.  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.  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>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 assesses 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>New accounting pronouncements:</font></b></i><font size=2>  In June 2009, the Financial Accounting Standards Board (&#147;FASB&#148;) issued &#147;Subsequent Events&#148; (&#147;SFAS 165&#148;).  SFAS 165 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued.  The effective date of SFAS 165 is interim or annual financial periods ending after June 15, 2009.  The Company does not expect the adoption of SFAS 165 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>In April 2008, FASB issued Staff Position FAS 142-3 (&#147;FSP&#148;), &#147;Determination of the Useful Life of Intangible Assets,&#148; to provide guidance for determining the useful life of recognized intangible assets and to improve consistency between the period of expected cash flows used to measure the fair value of a recognized intangible asset and the useful life of the intangible asset as determined under FASB Statement 142, Goodwill and Other Intangible Assets (&#147;SFAS 142&#148;).  The FSP requires that an entity consider its own historical experience in renewing or extending similar arrangements.  However, the entity must adjust that experience based on entity-specific factors included in SFAS 142.  If the company lacks historical experience to consider for similar arrangements, it would consider assumptions that market participants would use about renewal or extension, as adjusted for the
entity-specific factors under SFAS 142.  The Company adopted FSP FAS 142-3 as of the required effective date of February 1, 2009.  The Company expenses costs incurred to renew or extend the term of intangible</font><font color="#0046AD"><font size=2> </font></font><font size=2>assets.  The Company does not assume the ability to renew any existing intangibles.  Adoption of FSP FAS 142-3 did not have a significant effect on the Company&#146;s 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 2009, the FASB issued Staff Position  SFAS 107-b and APB 28-a. FSP FAS 107-a amends SFAS 107, &#147;Disclosures About Fair Value of Financial Instruments&#148;, and FSP APB 28-a amends APBO 28,  &#147;Interim Financial Reporting&#148;, to require fair value disclosures for interim financial statements.  These will be effective for interim periods ending after June 15, 2009.  The Company does not expect the adoption of SFAS 107-b 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>In December 2008, the FASB issued &#147;Employers&#146; Disclosures about Postretirement Benefit Plan Assets&#148; (&#147;FSP 132(R)-1&#148;).  FSP 132(R)-1 requires additional disclosures for plan assets of defined benefit pension or other </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>postretirement plans.  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.  FSP 132(R)-1 does not change the accounting treatment for postretirement benefit plans.  FSP 132(R)-1 is effective for the Company January 31, 2010 and does not require disclosures on an interim basis.</font></p>

<p style=' margin-bottom: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 May 2008, the FASB issued SFAS No. 162, &#147;The Hierarchy of Generally Accepted Accounting Principles&#148; (&#147;SFAS 162&#148;).  SFAS 162 identifies the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements that are presented in conformity with generally accepted accounting principles.  SFAS 162 becomes effective 60 days following the SEC&#146;s approval of the Public Company Accounting Oversight Board amendments to AU Section 411, &#147;The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles&#148;.  The Company does not expect the adoption of SFAS 162 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 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>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="497" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="16" nowrap valign=top >
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><font size=1>&nbsp;</font></p> </td>

        <td width="64" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Item 3.</font></b></p> </td>

        <td width="417" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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; margin-left:-0.01in;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., India and South Africa.  At times, the Company has attempted to mitigate 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 expense on the Company's floating rate debt instruments by approximately $69,000.</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>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 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:-0.01in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="257" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="16" 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="61" 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 4.</font></b></p> </td>

        <td width="180" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Controls and Procedures</font></b></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.01in;text-align:left;'><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 April 30, 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 April 30, 2009 to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission&#146;s rules and forms and is accumulated and communicated to the issuer&#146;s management, including our 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;'><font size=2>Management is responsible for establishing and maintaining adequate internal control over financial reporting.  Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control &#151; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission was conducted.  Based on that evaluation, management concluded that internal control over financial reporting was effective as of April 30, 2009.</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>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>
</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>There has been no change in internal control over financial reporting during the quarter ended April 30, 2009 that has materially affected or is reasonably likely to materially affect, 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:center;'><b><font size=2>PART II &#150; OTHER INFORMATION</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:-0.01in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="153" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="16" 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="64" 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 6.</font></b></p> </td>

        <td width="73" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibits</font></b></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="372" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="48" 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="48" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>31</font></p> </td>

        <td width="276" nowrap valign=top >
<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> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="624" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="96" 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="48" 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="480" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="277" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="144" 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="133" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Oxley Act of 2002</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="620" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="96" 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="48" 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="476" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer certification pursuant to Section 302 of the Sarbanes-</font></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="277" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="144" 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="133" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Oxley Act of 2002</font></p> </td> </tr></table>
</div>

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="285" style='margin-left:0pt;border-collapse:collapse; '>
    <tr >

        <td width="48" nowrap valign=top >
<p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><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>32</font></p> </td>

        <td width="189" nowrap valign=top >
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Section 1350 Certifications</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.25in; text-indent:-0.25in;text-align:left;'><font size=2> (Chief Executive Officer and Chief Financial Officer certification pursuant to Section 906 of the Sarbanes-Oxley Act of 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>14</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; margin-left:1.25in; text-indent:-0.25in;text-align:left;'>
<font SIZE=2>SIGNATURES</font></p>

<p style=' margin-bottom: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:justify;'><font size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned 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;'><font SIZE=2>MFRI, INC.</font></p>

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

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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="677" style='border-collapse:collapse'>
    <tr style='height:.2in'>

        <td width="57" valign=top 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="239" valign=top 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>June 8, 2009</font></p> </td>

        <td width="381" valign=top 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="57" valign=top 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="239" valign=top 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="381" valign=top 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="57" valign=top 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="239" valign=top 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="381" valign=top 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="57" valign=top 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="239" valign=top 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="381" valign=top 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="57" valign=top 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="239" valign=top 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="381" valign=top 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="57" valign=top 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="239" valign=top 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="381" valign=top 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>
    <tr style='height:.2in'>

        <td width="57" valign=top 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="239" valign=top 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="381" valign=top 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>
    <tr style='height:.2in'>

        <td width="57" valign=top 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="239" valign=top 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>June 8, 2009</font></p> </td>

        <td width="381" valign=top 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/ Michael D. Bennett</font></p> </td> </tr>
    <tr style='height:.2in'>

        <td width="57" valign=top 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="239" valign=top 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="381" valign=top 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>Michael D. Bennett</font></p> </td> </tr>
    <tr style='height:.2in'>

        <td width="57" valign=top 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="239" valign=top 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="381" valign=top 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>Vice President, Secretary and Treasurer</font></p> </td> </tr>
    <tr style='height:.2in'>

        <td width="57" valign=top 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="239" valign=top 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="381" valign=top 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 Financial and Accounting Officer)</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>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>


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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>exhibit31du.htm
<TEXT>
<HTML>
<HEAD>
<TITLE> </TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style='font-family:"Times New Roman"'>




<p style=' margin-bottom:10pt; margin-top:0pt;text-align:right;line-height:115%;'><b><font size=2>Exhibit 31.1</font></b></p>

<p style=' margin-bottom:10pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>I, David Unger, certify that:</font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr >

        <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:0in;line-height: normal'><font size=2>1.</font></p> </td>

        <td width="612" 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:0in;line-height: normal'><font size=2>I have reviewed this quarterly report on Form 10-Q 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="638" style='border-collapse:collapse'>
    <tr >

        <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:0in;line-height: normal'><font size=2>2.</font></p> </td>

        <td width="612" 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:0in;line-height: normal'><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 the 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="638" style='border-collapse:collapse'>
    <tr >

        <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:0in;line-height: normal'><font size=2>3.</font></p> </td>

        <td width="612" 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:0in;line-height: normal'><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="638" style='border-collapse:collapse'>
    <tr >

        <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:0in;line-height: normal'><font size=2>4.</font></p> </td>

        <td width="612" 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:0in;line-height: normal'><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="638" style='border-collapse:collapse'>
    <tr >

        <td width="25" 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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="32" 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:0in;line-height: normal'><font size=2>(a)</font></p> </td>

        <td width="581" 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:5.0pt;line-height:normal'><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>
    <tr >

        <td width="25" 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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="32" 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:0in;line-height: normal'><font size=2>(b)</font></p> </td>

        <td width="581" 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:5.0pt;line-height:normal'><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>
    <tr >

        <td width="25" 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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="32" 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:0in;line-height: normal'><font size=2>(c)</font></p> </td>

        <td width="581" 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:5.0pt;line-height:normal'><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>
    <tr >

        <td width="25" 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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="32" 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:0in;line-height: normal'><font size=2>(d)</font></p> </td>

        <td width="581" 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:5.0pt;line-height:normal'><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 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="638" style='border-collapse:collapse'>
    <tr >

        <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:0in;line-height: normal'><font size=2>5.</font></p> </td>

        <td width="612" 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:0in;line-height: normal'><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>

<table border="0" cellspacing=0 cellpadding=0 width="638" style='border-collapse:collapse'>
    <tr >

        <td width="25" 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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="32" 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:0in;line-height: normal'><font size=2>(a)</font></p> </td>

        <td width="581" 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:5.0pt;line-height:normal'><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>
    <tr >

        <td width="25" 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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="32" 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:0in;line-height: normal'><font size=2>(b)</font></p> </td>

        <td width="581" 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:0in;line-height: normal'><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 over financial reporting.</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="638" style='border-collapse:collapse'>
    <tr >

        <td width="56" 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:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="57" 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:0in;line-height: normal'><font size=2>Date: </font></p> </td>

        <td width="487" 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:0in;line-height: normal'><font size=2>June 8, 2009</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="638" style='border-collapse:collapse; '>
    <tr >

        <td width="194" 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:0in;line-height: normal'><font size=2>/s/ David Unger</font></p> </td>

        <td width="416" valign=top style='padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0in;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0in;line-height:normal'><font size=1>&nbsp;</font></p> </td> </tr></table>
</div>

<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:10pt; margin-top:0pt;text-align:left;line-height:115%;'>&nbsp;</p>


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



</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>exhibit31mb.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE></TITLE>
<META content="MSHTML 6.00.6000.16705" name=GENERATOR></HEAD>
<BODY style="FONT-FAMILY: 'Times New Roman'" bgColor=#ffffff>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; LINE-HEIGHT: 115%; TEXT-ALIGN: right"><B><FONT
size=2>Exhibit 31.1</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>I, Michael D. Bennett, certify that:</FONT></P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=26>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>1.</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=612>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>I have reviewed this quarterly report on Form 10-Q of MFRI,
      Inc.</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=26>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>2.</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=612>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><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 the respect to the period
      covered by this report;</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=26>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>3.</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=612>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=26>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>4.</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=612>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>The registrant'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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=32>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(a)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=581>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><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>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=32>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(b)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=581>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><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>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=32>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(c)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=581>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>Evaluated the effectiveness of the registrant'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>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=32>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(d)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=581>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>Disclosed in this report any change in the registrant's internal
      control over financial reporting that occurred during the registrant's
      most recent fiscal quarter that has materially affected, or is reasonably
      likely to materially affect, the registrant's internal control over
      financial reporting; and</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=26>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>5.</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=612>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>The registrant's other certifying officer and I have disclosed,
      based on our most recent evaluation of internal control over financial
      reporting, to the registrant's auditors and the audit committee of the
      registrant's board of directors (or persons performing the equivalent
      functions):</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=32>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(a)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=581>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 5pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><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's ability to record,
      process, summarize and report financial information; and</FONT></P></TD></TR>
  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=32>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(b)</FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=581>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>Any fraud, whether or not material, that involves management or
      other employees who have a significant role in the registrant's internal
      control over financial reporting.</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=56>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=106>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>Date: </FONT></P></TD>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in"
    vAlign=top width=476>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>June 8, 2009</FONT></P></TD></TR></TABLE></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=638>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>/s/ Michael D. Bennett</FONT></P></TD></TR></TABLE></DIV>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>Michael D. Bennett </FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>Vice President, Secretary and Treasurer</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>(Principal Financial and Accounting Officer)</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>(Principal Executive Officer)</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left">&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P></BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>exhibit32.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD><TITLE></TITLE>
<META content="MSHTML 6.00.6000.16705" name=GENERATOR></HEAD>
<BODY style="FONT-FAMILY: 'Times New Roman'" bgColor=#ffffff>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 10pt; LINE-HEIGHT: 115%; TEXT-ALIGN: right"><B><FONT
size=2>Exhibit 32</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: center"><B><FONT
size=2>Certification of Principal Executive Officers</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: center"><B><FONT
size=2>Pursuant to 18 U.S.C. 1350</FONT></B></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: center"><B><FONT
size=2>(Section 906 of the Sarbanes-Oxley Act of 2002)</FONT></B></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>The undersigned in their capacities as Chief Executive Officer and Chief
Financial Officer of MFRI, Inc. (the "Registrant'), certify that, to the best of
their knowledge, based upon a review of the Quarterly Report on Form 10-Q for
the period ended April 30, 2009 of the Registrant, (the "Report"):</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=30>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(1)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 1pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=583>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><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>
  <TR>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=30>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=583>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 1pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=25>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=1></FONT>&nbsp;</P></TD>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=30>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>(2)</FONT></P></TD>
    <TD
    style="BORDER-RIGHT: black 1pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=583>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><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></DIV>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=638>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>/s/ David Unger</FONT></P></TD></TR> </TABLE></DIV>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>David Unger</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>Director and Chairman of the Board of Directors</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>and Chief Executive Officer</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>(Principal Executive Officer)</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>June 8, 2009</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=638 border=0>

  <TR>
    <TD
    style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 1pt solid"
    vAlign=top width=638>
      <P
      style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left"><FONT
      size=2>/s/ Michael D. Bennett</FONT></P></TD></TR> </TABLE></DIV>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>Michael D. Bennett</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>Vice President, Secretary and Treasurer</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>(Principal Financial and Accounting Officer)</FONT></P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><FONT
size=2>June 8, 2009</FONT></P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P
style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; LINE-HEIGHT: 115%; TEXT-ALIGN: left"><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-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P>
<P style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><FONT
size=2></FONT>&nbsp;</P></BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
