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<SEC-DOCUMENT>0000914122-09-000053.txt : 20090908
<SEC-HEADER>0000914122-09-000053.hdr.sgml : 20090907
<ACCEPTANCE-DATETIME>20090908161828
ACCESSION NUMBER:		0000914122-09-000053
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20090731
FILED AS OF DATE:		20090908
DATE AS OF CHANGE:		20090908

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:		091058279

	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>mfriq22009.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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>July 31, 2009</font></p> </td> </tr>
    <tr style='page-break-inside:avoid'>

        <td  colspan="19" valign=top style=' padding:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 2.15pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>7720 N. Lehigh Avenue</font></p> </td>

        <td  colspan="7" valign=top style=' border-bottom:solid black 1.0pt; padding:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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;height:3.6pt'>

        <td  colspan="19" valign=top style=' padding:0pt 2.15pt 0pt 2.15pt;height:3.6pt'>
<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:0pt 2.15pt 0pt 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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes   </font><font face=Wingdings><font size=2>o</font></font><font size=2>     No  </font><font face=Wingdings><font size=2>o</font></font></p> </td> </tr>
    <tr style='page-break-inside:avoid;height:4.3pt'>

        <td  colspan="19" valign=top style=' padding:0pt 2.15pt 0pt 2.15pt;height:4.3pt'>
<p style='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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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: 0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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:0pt 2.15pt 0pt 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 September 4, 2009, there were 6,820,170 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>


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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>MFRI, Inc.</font></b></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:center;'><b><font size=2>For the quarterly period ended July</font></b><font size=2>&nbsp;</font><b><font size=2>31, 2009 </font></b></p>

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

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


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

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

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

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Part I</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financial Information</font></p> </td>

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<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>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>1.</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financial Statements</font></p> </td>

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<p style='margin-left:-5.85pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Condensed Consolidated Statements of Operations Three and Six Months Ended July 31, 2009 and 2008</font>       </p> </td>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Condensed Consolidated Balance Sheets as of July 31, 2009 and January 31, 2009</font>                                                                                                                              </p> </td>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Condensed Consolidated Statements of Cashflows Six Months Ended July 31, 2009 and 2008</font>                                                                   </p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size="2">3</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Notes to Condensed Consolidated Financial Statements</font>                                                                                                                                                                                                                                                                                   </p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size="2">4</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>2.</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</font>                              </p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'>
<font size="2">8</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>3.</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Quantitative and Qualitative Disclosures About Market Risk</font>                                                                                                                                                                                                                                                           </p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>4.</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Controls and Procedures</font>                                                                                                                                                                                                                                                                                                                                                                                                                                                            </p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Part II</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other Information</font></p> </td>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Submission of Matters to a Vote of Security Holders</font>                                                                                                                                                                                                                                                                                                      </p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>6.</font></p> </td>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17</font></p> </td> </tr>
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        <td width="590" ></td>

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

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

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

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

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

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

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

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

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

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

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

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'>
<b><font size=2>PART I &#150; FINANCIAL INFORMATION</font></b></p>

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


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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Financial Statements</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .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-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom: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>

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<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>July 31,</font></b></p> </td>

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

        <td width="23" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=2>Six Months Ended</font></b></p>
<div style="border-bottom-style: solid; border-bottom-width: 1px">
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:1.0pt;margin-bottom:0pt'><b><font size=2>July 31,</font></b></p>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=top style='border-top:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<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="12" valign=top style='border-top:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom: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="10" valign=top style='border-top:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<p style='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:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom: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="52" valign=top style='border-top:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<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="8" valign=top style='border-top:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='border-top:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='border-top:1pt solid #000000; border-bottom:1.0pt solid black; padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=top style='border-left:medium none;border-bottom:1.0pt solid black;border-right:medium none;  padding-left:.7pt; padding-right:.7pt; padding-top:0pt; padding-bottom:0pt'>
<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="4" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="52" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .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> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>61,106</font></p> </td>

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

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>77,645</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .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="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>128,685</font></p> </td>

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

        <td width="52" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>143,626</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46,477</font></p> </td>

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

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

        <td width="52" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>62,244</font></p> </td>

        <td width="8" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>95,329</font></p> </td>

        <td width="4" valign=bottom style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>117,082</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,629</font></p> </td>

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

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,401</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>33,356</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>26,544</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,328</font></p> </td>

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

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,518</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,427</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,244</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,519</font></p> </td>

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

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

        <td width="52" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,685</font></p> </td>

        <td width="8" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17,275</font></p> </td>

        <td width="4" valign=bottom style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>13,967</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:16.5pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Total operating expenses</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,847</font></p> </td>

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

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,203</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>23,702</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21,211</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,782</font></p> </td>

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

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,198</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,654</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,333</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Loss) income from joint venture</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(106</font></p> </td>

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

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

        <td width="52" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(106</font></p> </td>

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

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

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt' align="left">
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>530</font></p> </td>

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

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

        <td width="52" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>654</font></p> </td>

        <td width="8" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,218</font></p> </td>

        <td width="4" valign=bottom style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt' align="left">
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,277</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,146</font></p> </td>

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

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,544</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,330</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt' align="left">
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,155</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt' align="left">
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Income tax (benefit) expense</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,605</font></p> </td>

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

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

        <td width="52" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,139</font></p> </td>

        <td width="8" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,427</font></p> </td>

        <td width="4" valign=bottom style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt' align="left">
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="15" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,327</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,751</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="52" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,405</font></p> </td>

        <td width="8" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .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="50" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,757</font></p> </td>

        <td width="4" valign=bottom style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.5pt;padding: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,828</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="52" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .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 outstanding &#150; basic</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,819</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,794</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,818</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,791</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .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 outstanding &#150; diluted</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,846</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,882</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,854</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,881</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.55</font></p> </td>

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

        <td width="52" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.35</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=bottom style='padding:0pt .7pt 0pt .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="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1.43</font></p> </td>

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

        <td width="52" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.42</font></p> </td> </tr>
    <tr >

        <td width="240" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="240" valign=top style='padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:2.0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.55</font></p> </td>

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

        <td width="52" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.35</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="23" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="24" valign=bottom style='padding:0pt .7pt 0pt .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="50" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1.42</font></p> </td>

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

        <td width="52" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.41</font></p> </td> </tr></table>
</div>

<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:center;'><font size=2>&nbsp;</font></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="647" style='border-collapse:collapse'>
    <tr >

        <td width="420" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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="11" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font
size=2>July 31, 2009</font></b></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,801</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,290</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:18.0pt;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 $443</font></p>
<p style='margin-left:36.0pt;text-indent:-15.75pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>at July 31, 2009 and $473 at January 31, 2009</font></p> </td>

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

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>48,161</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>44,072</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,727</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,422</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Income tax receivable</font></p> </td>

        <td width="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,262</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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="11" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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-top:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>119,207</font></p> </td>

        <td width="9" valign=top style='border-top:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='border-top:solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>48,083</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,653</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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 </font><font size=2>deferred compensation plan</font></p> </td>

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

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,337</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Other assets</font></p> </td>

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

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>344</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>168</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Deposits</font></p> </td>

        <td width="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,601</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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: 0pt .7pt 0pt .7pt'>
<p 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: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>173,891</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>19,547</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,666</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,948</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Customers deposits</font></p> </td>

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

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,558</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,383</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,919</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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;&nbsp;&nbsp;&nbsp; on uncompleted contracts</font></p> </td>

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

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,237</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>49,258</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>42,488</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,623</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,947</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>48,058</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:18.0pt;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; 6,820 issued and outstanding at July 31, 2009 and 6,815 issued and outstanding at January 31, 2009</font></p> </td>

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

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>47,389</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>28,680</font></p> </td>

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

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

        <td width="56" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="420" valign=top style='padding:0pt .7pt 0pt .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 income (loss)</font></p> </td>

        <td width="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>438</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>76,575</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="56" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" valign=top style='padding:0pt .7pt 0pt .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="11" valign=top style='padding:0pt .7pt 0pt .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="40" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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: 0pt .7pt 0pt .7pt'>
<p 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: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>173,891</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="56" valign=bottom style='border-bottom: solid black 1.5pt;padding: 0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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="420" ></td>

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

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

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

        <td width="60" ></td>

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

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

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

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

        <td width="56" ></td>

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

<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:center;'><font size=2>&nbsp;</font></p>

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

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

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

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Six Months Ended</font></b><br> <b><font size=2>July 31,</font></b></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,757</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,828</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,477</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,529</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,095</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,011</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(660</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(45</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>447</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>375</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Loss (income) from joint venture</font></p> </td>

        <td width="17" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>106</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,279</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(12,202</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,876</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,657</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Accounts Payable</font></p> </td>

        <td width="17" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,999</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,103</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,120</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,193</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:9.0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Customers deposits</font></p> </td>

        <td width="17" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,743</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,581</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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) payable</font></p> </td>

        <td width="17" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,716</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,124</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,530</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>222</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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 and liabilities</font></p> </td>

        <td width="17" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,271</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(674</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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 operating activities</font></p> </td>

        <td width="17" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,282</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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>898</font></p> </td>

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

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,462</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(13,912</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(3,462</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(13,912</font></p> </td>

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

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(124,092</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(47,186</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>115,367</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>61,903</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(8,725</font></p> </td>

        <td width="9" valign=top style='border-top:solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,717</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,276</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,007</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(84</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>21</font></p> </td>

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

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>22</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(11,065</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>12,748</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,311</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>202</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,066</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(64</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,801</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,601</font></p> </td>

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

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

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left: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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,319</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,352</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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=bottom style='padding:0pt .7pt 0pt .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, net of refunds</font></p> </td>

        <td width="17" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>709</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:-4.3pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>169</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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>* Interest of $1,352 paid during the period included $132 that was capitalized.</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:center;'><font size=2>&nbsp;</font></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>JULY 31, 2009</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>(Tabular dollars presented 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 style='padding:0pt 0pt 0pt 0pt'>
<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 style='padding:0pt 0pt 0pt 0pt'>
<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 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.  The consolidated balance sheet as of January 31, 2009 has been derived from the audited consolidated balance sheet as of that date.  The results of operations for any interim period are not necessarily indicative of future or annual results.  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.  Reclassifications have been made in prior year financial statements to conform to the current year presentation.</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 style='padding:0pt 0pt 0pt 0pt'>
<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 style='padding:0pt 0pt 0pt 0pt'>
<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>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="580" style='margin-left:20.95pt;border-collapse:collapse; '>
    <tr >

        <td width="238" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="6" valign=bottom style='padding:0pt .7pt 0pt .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>July 31,</font></b></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p
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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Six 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>July 31,</font></b></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="238" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .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="7" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .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="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="7" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .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  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td  colspan="2" valign=top style='border-top: solid black 1.0pt;padding:0pt .7pt 0pt .7pt'>
<p style='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-top:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

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

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

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

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>32,556</font></p> </td>

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

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

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>38,687</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>65,183</font></p> </td>

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

        <td width="61" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>69,364</font></p> </td>

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>18,435</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>28,197</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>41,740</font></p> </td>

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

        <td width="61" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>54,014</font></p> </td>

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,563</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,973</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>10,616</font></p> </td>

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

        <td width="61" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>17,040</font></p> </td>

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,552</font></p> </td>

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

        <td width="68" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,788</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,146</font></p> </td>

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

        <td width="61" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,208</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>61,106</font></p> </td>

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

        <td width="68" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>77,645</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>128,685</font></p> </td>

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

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>143,626</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td style='padding:0pt 0pt 0pt 0pt' width="3">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:4.3pt'>

        <td width="238" valign=top style='padding:0pt .7pt 0pt .7pt; height:4.3pt'>
<p style='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:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='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:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

        <td width="61" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt; height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

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

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

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

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

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,309</font></p> </td>

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

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

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,196</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>25,457</font></p> </td>

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

        <td width="61" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,656</font></p> </td>

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,214</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,958</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,860</font></p> </td>

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

        <td width="61" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>7,227</font></p> </td>

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,452</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,907</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,503</font></p> </td>

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

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,299</font></p> </td>

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>654</font></p> </td>

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

        <td width="68" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>340</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1,536</font></p> </td>

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

        <td width="61" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>362</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14,629</font></p> </td>

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

        <td width="68" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>15,401</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>33,356</font></p> </td>

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

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>26,544</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td style='padding:0pt 0pt 0pt 0pt' width="3">
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
    <tr style='height:4.3pt'>

        <td width="238" valign=top style='padding:0pt .7pt 0pt .7pt; height:4.3pt'>
<p style='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:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='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:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

        <td width="61" valign=top style='padding:0pt .7pt 0pt .7pt;height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt; height:4.3pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

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

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

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

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

        <td width="64" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,864</font></p> </td>

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

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

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,082</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,816</font></p> </td>

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

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,014</font></p> </td>

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,810</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>701</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,095</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

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

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>955</font></p> </td>

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

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

        <td width="238" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(288</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(303</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(783</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

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

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(343</font></p> </td>

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

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

        <td width="238" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,984</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<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="8" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,282</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,284</font></p> </td>

        <td width="7" valign=bottom style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="61" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(4,293</font></p> </td>

        <td  colspan="2" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-.45pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0pt'><font size=2>)</font></p> </td>

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

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

        <td width="64" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,782</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:justify;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="68" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,198</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,654</font></p> </td>

        <td width="7" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;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:0pt .7pt 0pt .7pt'>
<p style='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 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,333</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-.45pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

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

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

        <td width="64" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,758</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,082</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>16,710</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,113</font></p> </td>

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

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

        <td width="238" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:9.0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Filtration Products</font></p> </td>

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

        <td width="64" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(1,810</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>701</font></p> </td>

        <td width="7" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,095</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

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

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>955</font></p> </td>

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

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

        <td width="238" valign=bottom style='padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(288</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(303</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(783</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

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

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(343</font></p> </td>

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

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

        <td width="238" valign=bottom style='padding:0pt .7pt 0pt .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='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="64" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,514</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.75pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="68" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(2,936</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.15pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,502</font></p> </td>

        <td width="7" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-1.1pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

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

        <td width="61" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(5,570</font></p> </td>

        <td  colspan="2" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:-.45pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 0pt'><font size=2>)</font></p> </td>

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

        <td width="238" valign=top style='padding:0pt .7pt 0pt .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-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="64" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,146</font></p> </td>

        <td width="7" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="8" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='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-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="68" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,544</font></p> </td>

        <td width="7" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='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-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p 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-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>8,330</font></p> </td>

        <td width="7" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='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 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="61" valign=bottom style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.5pt;border-right:none;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,155</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="237" ></td>

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

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

        <td width="7" ></td>

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

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

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

        <td width="7" ></td>

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

        <td width="0" ></td>

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

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

        <td width="7" ></td>

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

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

        <td width="61" ></td>

        <td width="7" ></td>

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

        <td width="3" ></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;'>
</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:center;'><font size=2>&nbsp;</font></p>

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

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

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

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

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


<div align=left>

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

        <td width="24" valign=top style='padding:0pt 0pt 0pt 0pt'>
<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 style='padding:0pt 0pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Income Taxes:  </font></b></i><font size=2>As required under Accounting Principles Board (&#147;APB&#148;) Opinion No. 28, </font><i><font size=2>Interim Financial Reporting</font></i><font size=2>, the Company has estimated its annual effective tax rate for the full fiscal year 2009 and applied that rate to its income before income taxes in determining its provision for income taxes for the three and six months ended July 31, 2009 and 2008.  For the three and six months ended July 31, 2009, the Company&#146;s consolidated
effective tax rate was (74.8%) and (17.1%), respectively.  For the three and six months ended July 31, 2008, the Company&#146;s consolidated effective tax rate was 32.1% and 31.9%, respectively.  The 2009 effective tax rates were less than the statutory U.S. federal income tax rate, mainly due to the impact of income earned in the United Arab Emirates (&#147;U.A.E.&#148;).</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 determination of the consolidated provision for income taxes, deferred tax assets and liabilities, and the related valuation allowance requires management to make certain judgments and estimates.  As a company with subsidiaries in foreign jurisdictions, the Company is required to calculate and provide for estimated income tax liabilities for each of the tax jurisdictions.  Income earned in the U.A.E. is not subject to any local country income tax.  The process of calculating income taxes involves estimating current tax obligations and exposures in each jurisdiction as well as making judgments regarding the future recoverability of deferred tax assets.  Changes in the estimated level of annual pre-tax income, in tax laws, and changes resulting from tax audits can affect the overall effective income tax rate, which impacts the level of income tax expense and net income.  Judgments and
estimates related to the Company&#146;s projections and assumptions are inherently uncertain; therefore, actual results could differ materially from projections.</font></p>

<p 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>During the first quarter, the Company established a full valuation allowance for the research and development credits of $844,000, 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.  The Company will continue to periodically review the adequacy of its valuation allowance in all of the tax jurisdictions in which it operates and may make further adjustments based on management&#146;s outlook for continued profits in each jurisdiction.</font></p>

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


<div align=left>

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

        <td width="24" valign=top style='padding:0pt 0pt 0pt 0pt'>
<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 style='padding:0pt 0pt 0pt 0pt'>
<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 July 31, 2009 and January 31, 2009 was $3,823,000 and $3,048,000, respectively.  Net cost recognized was as follows:</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'>&nbsp;</p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="623" style='margin-left:20.05pt;border-collapse:collapse; '>
    <tr >

        <td width="304" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="8" valign=top style='padding:0pt .7pt 0pt .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>July 31,</font></b></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p
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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="8" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Six 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>July 31,</font></b></p> </td>

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

        <td width="304" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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="9" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="44" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="31" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>2008</font></b></p> </td>

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

        <td width="42" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="33" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .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="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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='padding:0pt .7pt 0pt .7pt'>
<p 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="304" valign=bottom style='padding:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="44" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="31" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>31</font></p> </td>

        <td width="18" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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=' padding:0pt .7pt 0pt .7pt'>
<p 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='padding:0pt .7pt 0pt .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="42" valign=top style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="304" valign=bottom style='padding:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="44" valign=bottom style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="31" valign=bottom style='padding:0pt .7pt 0pt .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="18" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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='padding:0pt .7pt 0pt .7pt'>
<p 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='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="42" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>130</font></p> </td>

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

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

        <td width="33" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>118</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="304" valign=bottom style='padding:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="44" valign=bottom style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="31" valign=bottom style='padding:0pt .7pt 0pt .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="18" valign=top style='padding:0pt .7pt 0pt .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="3" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="42" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(122</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .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="18" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="33" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>(154</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .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='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="304" valign=bottom style='padding:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="44" valign=bottom style='padding:0pt .7pt 0pt .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="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="31" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>27</font></p> </td>

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

        <td width="42" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>54</font></p> </td>

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

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

        <td width="33" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>54</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="304" valign=bottom style='padding:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="44" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="31" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .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="18" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="42" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>50</font></p> </td>

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

        <td width="33" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>14</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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='padding:0pt .7pt 0pt .7pt'>
<p 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="304" valign=bottom style='padding:0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="44" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .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="12" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="31" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .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="18" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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 1.5pt;padding: 0pt .7pt 0pt .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="42" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>170</font></p> </td>

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

        <td width="33" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>94</font></p> </td>

        <td width="8" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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='padding:0pt .7pt 0pt .7pt'>
<p 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="302" ></td>

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

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

        <td width="44" ></td>

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

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

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

        <td width="34" ></td>

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

        <td width="5" ></td>

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

        <td width="6" ></td>

        <td width="2" ></td>

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

        <td width="7" ></td>

        <td width="42" ></td>

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

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

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

        <td width="34" ></td>

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

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

        <td width="7" ></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 $196,000.  For the six months ended July 31, 2009, $374,500 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 style='padding:0pt 0pt 0pt 0pt'>
<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 style='padding:0pt 0pt 0pt 0pt'>
<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 July 31, 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>During the six-month period ended July 31, 2009, the Company granted options to purchase 143,200 shares of common stock in accordance with the provisions of the Employees Stock Option Plan and granted 35,000 shares of common stock in accordance with the provisions of the Independent Directors&#146; Stock Option Plans.</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="516" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr >

        <td width="360" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Stock-based compensation expense was as follows: </font></p> </td>

        <td width="16" valign=top style='padding:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 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:0pt 5.4pt 0pt 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 July 31</font></p> </td>

        <td width="16" valign=top style='padding:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>221</font></p> </td>

        <td width="16" valign=top style='padding:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>208</font></p> </td> </tr>
    <tr >

        <td width="360" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Six month period ended July 31</font></p> </td>

        <td width="16" valign=top style='padding:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>447</font></p> </td>

        <td width="16" valign=top style='padding:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 1.45pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>375</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>5</font>
</A></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></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>&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, July 31, 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="594" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr >

        <td width="288" valign=bottom style='padding:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Six 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>July 31, 2009</font></b></p> </td>

        <td width="16" valign=top style='padding:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Six 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>July 31, 2008</font></b></p> </td> </tr>
    <tr >

        <td width="288" valign=bottom style='padding:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>46.81%-63.64%</font></p> </td> </tr>
    <tr >

        <td width="288" valign=bottom style='padding:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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:0pt 5.4pt 0pt 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; margin-left:0.25in;text-align:left;'><font size=2>Stock option activity for the six months ended July 31, 2009 was as follows: </font></p>


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="664" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr style='height:46.35pt'>

        <td width="246" valign=bottom style='padding:0pt 0pt 0pt 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="87" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Number of Options</font></b></p> </td>

        <td width="29" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="77" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt;height:46.35pt'>
<p
style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted-Average Exercise Price</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Per Share</font></b></p> </td>

        <td width="17" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="98" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted-Average Remaining Contractual Term</font></b></p> </td>

        <td width="34" valign=bottom style='border-bottom:solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt; height:46.35pt'>
<p style='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:0pt 0pt 0pt 1.45pt;height:46.35pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Aggregate Intrinsic Value</font></b></p> </td> </tr>
    <tr style='height:7.75pt'>

        <td width="246" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="87" nowrap valign=bottom style=' padding:0pt 0pt 0pt 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="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="34" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt;height:7.75pt' align="right">
<p style='margin-left:0pt;text-indent:0pt;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="58" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="246" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="87" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>178</font></p> </td>

        <td width="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>6.81</font></p> </td>

        <td width="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="34" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt; height:9.0pt' align="right">
<p style='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" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="246" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="87" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>(5</font></p> </td>

        <td width="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt; height:12.15pt'>
<p style='margin-left:-1.3pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>)</font></p> </td>

        <td width="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>2.90</font></p> </td>

        <td width="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="34" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt; height:12.15pt' align="right">
<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="58" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>14</font></p> </td> </tr>
    <tr style='height:10.35pt'>

        <td width="246" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="87" nowrap valign=bottom style=' border-bottom:solid black 1.0pt; padding:0pt 0pt 0pt 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>(23</font></p> </td>

        <td width="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt; height:10.35pt'>
<p style='margin-left:-1.3pt;text-indent:0pt;text-align:justify;margin-top:1.0pt;margin-bottom: 0pt'><font size=2>)</font></p> </td>

        <td width="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>14.06</font></p> </td>

        <td width="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="34" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt; height:10.35pt' align="right">
<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="58" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="246" nowrap valign=bottom style='padding:0pt 0pt 0pt 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 July 31, 2009</font></p> </td>

        <td width="87" nowrap valign=bottom style=' border-bottom:solid black 1.5pt; padding:0pt 0pt 0pt 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>700</font></p> </td>

        <td width="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>12.92</font></p> </td>

        <td width="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>7.6 years</font></p> </td>

        <td width="34" nowrap valign=bottom style='height:13.0pt; padding-left:1.45pt; padding-right:0pt; padding-top:0pt; padding-bottom:0pt' align="right">
<p style='margin-left:0pt;text-indent:0pt;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="58" nowrap valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt 0pt 0pt 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>351</font></p> </td> </tr>
    <tr style='height:13.5pt'>

        <td width="246" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="87" nowrap valign=bottom style=' padding:0pt 0pt 0pt 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="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="34" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt;height:13.5pt' align="right">
<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="58" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="246" nowrap valign=bottom style='padding:0pt 0pt 0pt 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 July 31, 2009</font></p> </td>

        <td width="87" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>320</font></p> </td>

        <td width="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>11.77</font></p> </td>

        <td width="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>5.8 years</font></p> </td>

        <td width="34" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt; height:13.5pt' align="right">
<p style='margin-left:0pt;text-indent:0pt;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="58" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>351</font></p> </td> </tr>
    <tr style='height:20.2pt'>

        <td width="246" valign=bottom style='padding:0pt 0pt 0pt 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 six months of 2009</font></p> </td>

        <td width="87" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="29" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="77" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>4.03</font></p> </td>

        <td width="17" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="98" nowrap valign=bottom style='padding:0pt 0pt 0pt 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="34" nowrap valign=bottom style='padding:0pt 0pt 0pt 1.45pt; height:20.2pt' align="right">
<p style='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" nowrap valign=bottom style='padding:0pt 0pt 0pt 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>Nonvested stock option activity for the six months ended July 31, 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="441" style='margin-left:23.4pt;border-collapse:collapse; '>
    <tr style='height:22.4pt'>

        <td width="240" nowrap valign=bottom style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 1.45pt;height:22.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;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:0pt 0pt 0pt 1.45pt; height:22.4pt'>
<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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt; height:22.4pt'>
<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  colspan="2" valign=bottom style=' border-bottom:solid black 1.0pt; padding:0pt 0pt 0pt 1.45pt;height:22.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Weighted-Average Price</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Per Share</font></b></p> </td> </tr>
    <tr style='height:7.1pt'>

        <td width="240" nowrap valign=bottom style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 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:0pt 0pt 0pt 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:0pt 0pt 0pt 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:0pt 0pt 0pt 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>$19.95</font></p> </td> </tr>
    <tr style='height:10.4pt'>

        <td width="240" nowrap valign=bottom style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 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>178</font></p> </td>

        <td width="27" valign=top style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 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:0pt 0pt 0pt 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>6.81</font></p> </td> </tr>
    <tr style='height:4.6pt'>

        <td width="240" nowrap valign=bottom style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 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>(83</font></p> </td>

        <td width="27" valign=top style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 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:0pt 0pt 0pt 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>19.61</font></p> </td> </tr>
    <tr style='height:7.4pt'>

        <td width="240" nowrap valign=bottom style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 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>(11</font></p> </td>

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

        <td width="12" valign=top style='padding:0pt 0pt 0pt 1.45pt; height:7.4pt'>
<p style='margin-left:-1.35pt;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='padding:0pt 0pt 0pt 1.45pt; height:7.4pt'>
<p style='margin-left:-1.35pt;text-indent:0pt;text-align:right;margin-top:1.0pt;margin-bottom:0pt'><font size=2>19.74</font></p> </td> </tr>
    <tr style='height:10.15pt'>

        <td width="240" nowrap valign=bottom style='padding:0pt 0pt 0pt 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 July 31, 2009</font></p> </td>

        <td width="82" nowrap valign=bottom style=' border-bottom:solid black 1.5pt; padding:0pt 0pt 0pt 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>380</font></p> </td>

        <td width="27" valign=top style='padding:0pt 0pt 0pt 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:0pt 0pt 0pt 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:0pt 0pt 0pt 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=1>&nbsp;</font></p> </td>

        <td width="68" valign=top style='padding:0pt 0pt 0pt 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>$13.88</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 July 31, 2009, there was $2,430,000 of total unrecognized compensation cost related to nonvested stock-based compensation arrangements granted under the equity-based compensation plans.  The cost is expected to be recognized over a period of 2.8 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 TITLE="EE+ Page Footer">

<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:center;'><font size=2>&nbsp;</font></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;'>&nbsp;</p>


<div align=left>

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

        <td width="25" valign=top style='padding:0pt 0pt 10.0pt 0pt'>
<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 style='padding:0pt 0pt 10.0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;&nbsp;</font><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>


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


<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="656" style='margin-left:19.6pt;border-collapse:collapse; '>
    <tr >

        <td width="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p 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="8" valign=top style=' border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .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>July 31,</font></b></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt;
padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="12" valign=top style=' border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Six 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>July 31,</font></b></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;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:0pt .7pt 0pt .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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt;padding: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .7pt'>
<p 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="3" valign=top style='border-bottom: solid black 1.0pt;padding: 0pt .7pt 0pt .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  colspan="2" valign=top style='border-bottom: solid black 1.0pt;padding: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt;padding: 0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style=' border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .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="15" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt;padding: 0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style='border-bottom: solid black 1.0pt;padding: 0pt .7pt 0pt .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="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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="294" valign=top style='padding:0pt .7pt 0pt .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='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,751</font></p> </td>

        <td width="12" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .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="3" valign=top style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,405</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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 1.5pt; padding:0pt .7pt 0pt .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="4" valign=top style=' border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,757</font></p> </td>

        <td width="15" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .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="4" valign=top style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,828</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Basic weighted average number of common shares outstanding</font></p> </td>

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

        <td width="60" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,819</font></p> </td>

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

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

        <td width="10" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p 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="3" valign=bottom style=' padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,794</font></p> </td>

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

        <td  colspan="2" valign=bottom style=' padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style=' padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,818</font></p> </td>

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

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

        <td  colspan="2" valign=bottom style=' padding:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style=' padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,791</font></p> </td>

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

        <td width="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Dilutive effect of stock options</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;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:0pt .7pt 0pt .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="12" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="3" valign=top style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>88</font></p> </td>

        <td  colspan="2" valign=top style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style=' border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<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="15" valign=top style='border-bottom:solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>90</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Weighted average number of common shares </font><br> <font size=2>&nbsp;&nbsp;&nbsp;outstanding assuming full  dilution</font></p> </td>

        <td width="11" valign=top style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="60" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,846</font></p> </td>

        <td width="12" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p 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 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="10" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p 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="3" valign=bottom style=' border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,882</font></p> </td>

        <td  colspan="2" valign=bottom style=' border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="11" valign=bottom style='border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style=' border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,854</font></p> </td>

        <td width="15" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt .7pt'>
<p 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 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style=' border-bottom:solid black 1.5pt; padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,881</font></p> </td>

        <td width="9" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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="294" valign=top style='padding:0pt .7pt 0pt .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 net income</font></p> </td>

        <td width="11" valign=top style='padding:0pt .7pt 0pt .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="60" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.55</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="3" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.35</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="4" valign=top style=' padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1.43</font></p> </td>

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

        <td width="13" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<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="4" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.42</font></p> </td>

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

        <td width="294" valign=top style='padding:0pt .7pt 0pt .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 net income</font></p> </td>

        <td width="11" valign=top style='padding:0pt .7pt 0pt .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="60" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.55</font></p> </td>

        <td width="12" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="3" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.35</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<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="4" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>1.42</font></p> </td>

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

        <td width="13" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<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="4" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>0.41</font></p> </td>

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

        <td width="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="60" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="3" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options not included in the computation of &nbsp;&nbsp;&nbsp;diluted earnings per share of common stock </font><br> <font size=2>&nbsp;&nbsp;&nbsp;because the option exercise prices exceeded </font><br> <font size=2>&nbsp;&nbsp;&nbsp;the average market prices of the common shares</font></p> </td>

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

        <td width="60" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>572</font></p> </td>

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

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

        <td width="10" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p 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="3" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>288</font></p> </td>

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

        <td  colspan="2" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>592</font></p> </td>

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

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

        <td  colspan="2" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>288</font></p> </td>

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

        <td width="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="60" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="3" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td  colspan="2" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="13" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p 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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="294" valign=top style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stock options with an exercise price below the </font><br> <font size=2>&nbsp;&nbsp;&nbsp;average market price</font></p> </td>

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

        <td width="60" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>128</font></p> </td>

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

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

        <td width="10" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p 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="3" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>288</font></p> </td>

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

        <td  colspan="2" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='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:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>108</font></p> </td>

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

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

        <td  colspan="2" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p 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="4" valign=bottom style='padding:0pt .7pt 0pt .7pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>288</font></p> </td>

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

        <td  colspan="3" valign=bottom style='padding:0pt 1.45pt 0pt 0pt'>
<p 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:0pt 1.45pt 0pt 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="3" valign=bottom style='padding:0pt 1.45pt 0pt 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="14" valign=bottom style='padding:0pt 1.45pt 0pt 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='padding:0pt 1.45pt 0pt 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='padding:0pt 1.45pt 0pt 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="3" valign=bottom style='padding:0pt 1.45pt 0pt 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="6" valign=top style='padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom: 0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="6" valign=bottom style='padding:0pt 1.45pt 0pt 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="12" valign=bottom style='padding:0pt 1.45pt 0pt 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="3" valign=bottom style='padding:0pt 1.45pt 0pt 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='padding:0pt 1.45pt 0pt 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="4" valign=bottom style='padding:0pt 1.45pt 0pt 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="14" valign=bottom style='padding:0pt 1.45pt 0pt 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="3" valign=bottom style='padding:0pt 1.45pt 0pt 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="6" valign=top style='padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:-3.85pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom: 0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr>

        <td width="299" ></td>

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

        <td width="58" ></td>

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

        <td width="2" ></td>

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

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

        <td width="37" ></td>

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

        <td width="7" ></td>

        <td width="5" ></td>

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

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

        <td width="2" ></td>

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

        <td width="39" ></td>

        <td width="6" ></td>

        <td width="6" ></td>

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

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

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

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

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

        <td width="2" ></td>

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

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

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

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

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

        <td width="6" ></td> </tr> </table>
</div>



<div align=left>

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

        <td width="24" valign=top style='padding:0pt 0pt 0pt 0pt'>
<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:0pt 0pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><i><b><font size=2>Comprehensive income, net of tax, was as follows:</font></b></i></p> </td> </tr></table>
</div>



<div align=left>

<table border="0" cellspacing=0 cellpadding=0 width="648" style='margin-left:18.0pt;border-collapse:collapse; '>
    <tr >

        <td width="282" valign=bottom style='padding:0pt 1.45pt 0pt 0pt'>
<p style='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:0pt 1.45pt 0pt 0pt'>
<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>July 31,</font></b></p> </td>

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

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0pt 1.45pt 0pt 0pt'>
<p 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" style='border-bottom:solid black 1.0pt; padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align: center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Six 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>July 31,</font></b></p> </td>

        <td width="10" valign=top style='padding:0pt 1.45pt 0pt 0pt'>
<p 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="282" valign=bottom style='padding:0pt 1.45pt 0pt 0pt'>
<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: 0pt 1.45pt 0pt 0pt'>
<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="18" valign=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0pt 1.45pt 0pt 0pt'>
<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='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0pt 1.45pt 0pt 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=top style='border-top:solid black 1.0pt; border-left:none;border-bottom:solid black 1.0pt;border-right:none;  padding:0pt 1.45pt 0pt 0pt'>
<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="15" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt 1.45pt 0pt 0pt'>
<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=top style='border-bottom:solid black 1.0pt;  padding:0pt 1.45pt 0pt 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=top style='border-bottom: solid black 1.0pt;padding: 0pt 1.45pt 0pt 0pt'>
<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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt 1.45pt 0pt 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="14" valign=top style='border-bottom:solid black 1.0pt;  padding:0pt 1.45pt 0pt 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=top style=' border-bottom:solid black 1.0pt;  padding:0pt 1.45pt 0pt 0pt'>
<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:0pt 1.45pt 0pt 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> </tr>
    <tr style='height:10.9pt'>

        <td width="282" valign=bottom style='padding:0pt 1.45pt 0pt 0pt; 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:0pt 1.45pt 0pt 0pt;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:0pt 1.45pt 0pt 0pt; height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,751</font></p> </td>

        <td width="18" valign=top style='padding:0pt 1.45pt 0pt 0pt;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:0pt 1.45pt 0pt 0pt;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:0pt 1.45pt 0pt 0pt;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='padding:0pt 2.15pt 0pt 0pt;height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,405</font></p> </td>

        <td width="15" valign=top style='padding:0pt 1.45pt 0pt 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:0pt 1.45pt 0pt 0pt;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:0pt 1.45pt 0pt 0pt;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="52" valign=top style='padding:0pt 1.45pt 0pt 0pt;height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>9,757</font></p> </td>

        <td width="14" valign=top style='padding:0pt 1.45pt 0pt 0pt;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:0pt 1.45pt 0pt 0pt;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=top style='padding:0pt .7pt 0pt 0pt;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="53" valign=top style='padding:0pt 1.45pt 0pt 0pt;height:10.9pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,828</font></p> </td>

        <td width="10" valign=top style='padding:0pt 1.45pt 0pt 0pt; 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="282" valign=bottom style='padding:0pt 1.45pt 0pt 0pt'>
<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:0pt 1.45pt 0pt 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="51" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,338</font></p> </td>

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

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left: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:0pt 1.45pt 0pt 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="55" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 2.15pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>231</font></p> </td>

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

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0pt 1.45pt 0pt 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="14" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 1.45pt 0pt 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="52" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,173</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.0pt; padding:0pt 1.45pt 0pt 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="14" valign=top style='border-bottom:solid black 1.0pt; padding:0pt 1.45pt 0pt 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="15" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt .7pt 0pt 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="53" valign=bottom style='border-bottom: solid black 1.0pt; padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>786</font></p> </td>

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

        <td width="282" valign=bottom style='padding:0pt 1.45pt 0pt 0pt'>
<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:0pt 1.45pt 0pt 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="51" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>6,089</font></p> </td>

        <td width="18" valign=top style='border-bottom:solid black 1.5pt; padding:0pt 1.45pt 0pt 0pt'>
<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='border-bottom:solid black 1.5pt; padding:0pt 1.45pt 0pt 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="14" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt 1.45pt 0pt 0pt'>
<p 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:0pt 2.15pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,636</font></p> </td>

        <td width="15" valign=top style='border-bottom:solid black 1.5pt; padding:0pt 1.45pt 0pt 2.9pt'>
<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='border-bottom:solid black 1.5pt; padding:0pt 1.45pt 0pt 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="14" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>$</font></p> </td>

        <td width="52" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>11,930</font></p> </td>

        <td width="14" valign=top style='border-bottom:solid black 1.5pt; padding:0pt 1.45pt 0pt 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="14" valign=top style='border-bottom:solid black 1.5pt; padding:0pt 1.45pt 0pt 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="15" valign=bottom style='border-bottom: solid black 1.5pt;padding:0pt .7pt 0pt 0pt'>
<p 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=bottom style='border-bottom: solid black 1.5pt;padding:0pt 1.45pt 0pt 0pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>3,614</font></p> </td>

        <td width="10" valign=top style='padding:0pt 1.45pt 0pt 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> </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 style='padding:0pt 0pt 0pt 0pt'>
<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 style='padding:0pt 0pt 0pt 0pt'>
<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 Statement of Financial Accounting Standards (SFAS) No. 168, &#147;The FASB Standards Codification and the Hierarchy of Generally Accepted Accounting Principles&#148; (SFAS 168 or the &#147;Codification&#148;), a replacement of SFAS 162.  SFAS 168 will become the source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by
nongovernmental entities.  Rules and interpretive releases of the U.S. Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.  On the effective date of SFAS 168, the Codification will supersede all then-existing non-SEC accounting and reporting standards.  All other non-grandfathered, non-SEC accounting literature not included in the Codification will become non-authoritative.  SFAS 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009.  The Company does not expect the adoption of SFAS 168 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 May 2009, the FASB 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 was for interim or annual financial periods ending after June 15, 2009.  Adoption of SFAS 165 did not have a material effect on the Company&#146;s 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 April 2009, the FASB issued Staff Position FAS 107-1 and APB 28-1, &#147;Interim Disclosures about Fair Value of Financial Instruments,&#148; to require fair value disclosures for interim financial statements.  This was effective for interim periods ending after June 15, 2009.  Adoption of FSP FAS 107-1 and APB 28-1did not have a material effect on the Company&#146;s 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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>7</font>
</A></p>

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

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

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

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<p style=' margin-bottom:0pt; margin-top:0pt; 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 on 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; 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>


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

        <td width="24" valign=top style='padding:0pt 0pt 0pt 0pt'>
<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 style='padding:0pt 0pt 0pt 0pt'>
<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 July 31, 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 July 31, 2009, the prime rate was 3.25%, and the margins added to the prime rate and the LIBOR rate, which are determined each quarter based on the applicable financial statement ratio, were 0.25 and 1.75 percentage points, respectively.  Monthly interest payments were made.  As of July 31, 2009, the Company had borrowed $23,825,000 and had $8,202,000 available to it under the revolving line of credit.  In addition, $220,000 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 July 31, 2009, the amount of such restricted cash was $466,000.  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>


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

        <td width="77" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><b><font size=2>Item 2.</font></b></p> </td>

        <td width="581" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<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>

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<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:center;'><font size=2>&nbsp;</font></p>

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'>
<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><u><font size=2>www.mfri.com</font></u><font size=2>.</font></p>

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<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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The slowdown in the economy, which accelerated in the fourth quarter of 2008 and has continued into 2009, leads the Company be cautious regarding expected performance for the remainder of 2009.  Since the fourth quarter of 2008 and continuing into the first half of 2009, net sales declined in major markets as the economic slowdown continues to impact existing and prospective customers.  Should the current credit crisis and general economic recession continue, the Company could continue to experience a period of declining net sales, which could adversely impact the Company&#146;s results of operations.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>Three months ended July 31, 2009 (&#147;current quarter&#148;) vs. Three months ended July 31, 2008 (&#147;prior-year quarter&#148;)</font></b></i></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net sales of $61,106,000 decreased 21.3% from $77,645,000 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 $14,629,000 decreased 5.0% from $15,401,000 in the prior-year quarter, and gross margin increased to 23.9% of net sales in the current quarter from 19.8% of net sales in the prior-year quarter.  Gross profit in the piping systems business rose to $11,309,000 for the current quarter from $9,196,000 in the prior-year quarter.  As of July 31, 2009, the Company had successfully completed over 99% of the production on the India pipeline project.  The Company would not expect a project similar in size 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 5.4% to $3,328,000 for the current quarter from $3,518,000 in the prior-year quarter.  This was primarily driven by the filtration products business and 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 10.9% to $8,519,000 for the current quarter from $7,685,000 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 second quarter record of $3,751,000 in the current quarter from $2,405,000 in the prior-year quarter primarily due to the reasons summarized above and discussed in more detail below.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Six months ended July 31, 2009 (&#147;YTD&#148;) vs. Six months ended July 31, 2008 (&#147;prior-year YTD&#148;)</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net sales of $128,685,000 decreased 10.4% from $143,626,000 for the prior-year YTD.  (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 $33,356,000 increased 25.7% from $26,544,000 in the prior-year YTD, and gross margin increased to 25.9% of net sales YTD from 18.5% of net sales in the prior-year YTD.  Gross profit in the piping systems business rose to $25,457,000 YTD from $14,656,000 in the prior-year YTD.  As of July 31, 2009, the Company had successfully completed over 99% of the production on the India pipeline project.  The Company would not expect a project similar in size to the one in India to be replaced in the 2009 backlog.  (See discussion of each business segment below.)</font></p>

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Selling expenses decreased 11.3% to $6,427,000 YTD from $7,244,000 in the prior-year YTD.  Primarily driven by the industrial process cooling equipment business and the filtration product 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 23.7% to $17,275,000 YTD from $13,967,000 in the prior-year YTD.  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 six month high of $9,757,000 YTD from $2,828,000 in the prior-year YTD primarily due to 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:justify;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><i><b><font size=2>Current quarter vs. Prior-year quarter</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net sales decreased 15.8% to $32,556,000 in the current quarter from $38,687,000 in the prior-year quarter, attributed primarily to a drop in domestic sales in both district heating and cooling, and oil and gas products.  This was partially offset by an increase in sales in the U.A.E. and $2,187,000 for the India Pipeline project.  As of July 31, 2009, the Company had successfully completed over 99% of the production on the India pipeline project.  The Company would not expect a project similar in size 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 34.7% of net sales in the current quarter from 23.8% of net sales in the prior-year quarter due to production efficiencies in both the domestic and international operations, the improved knowledge of procurement and sourcing in the international operation as well as the cost control measures implemented throughout the domestic and international operations.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Selling expenses increased to $666,000 or 2.0% of net sales in the current quarter from $591,000 or 1.5% of net sales for the prior-year quarter.  This increase was mainly due to higher sales commissions in the U.A.E. and travel expenses.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>General and administrative expenses increased to $3,778,000 or 11.6% of net sales in the current quarter from $2,523,000 or 6.5% of net sales for the prior-year quarter.  The increase in general and administrative expense was primarily due to the increased profit-based management incentive expense, foreign exchange loss, and additional 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>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>YTD vs. Prior-year YTD</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net sales decreased 6.0% to $65,183,000 YTD from $69,364,000 in the prior-year YTD, attributed primarily to a drop in sales in both domestic heating and cooling, and oil and gas products.  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 in sales of $10,138,000 in the first half of 2009.  As of July 31, 2009, the Company had successfully completed over 99% of the production on the India pipeline project.  The Company would not expect a project similar in size 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 39.1% of net sales YTD from 21.1% of net sales in the prior-year YTD due to production efficiencies in the international operations.  Gross profit in the U.A.E. improved with the increased volume without corresponding increases in fixed expenses and achieved significant reductions in raw material costs due to the global economic slowdown.</font></p>

<p style=' margin-bottom:0pt; margin-top: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 $1,303,000 or 2.0% of net sales YTD from $1,193,000 or 1.7% of net sales for the prior-year YTD.  This increase was mainly due to higher sales commissions in the U.A.E. and travel expenses.</font></p>

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

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>General and administrative expenses increased to $7,338,000 or 11.3% of net sales YTD from $4,448,000 or 6.4% of net sales for the prior-year YTD.  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 additional 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>

<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:justify;'><i><b><font size=2>Current quarter vs. Prior-year quarter</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net sales for the current quarter decreased 34.6% to $18,435,000 from $28,197,000 in the prior-year quarter.  Sales declines were the result of both lower market demand across all filtration products and increased competition in cartridge filter products.  Customers are delaying their purchases thus pushing demand out.  In addition, infrastructure projects have been significantly curtailed in response to the current economy.</font></p>

<p style=' margin-bottom:0pt; margin-top: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 6.6% of net sales in the current quarter from 14.0% of net sales in the prior-year quarter primarily due to the highly competitive marketplace across all products and increased cost of raw materials in some cartridge filters.</font></p>

<p style=' margin-bottom:0pt; margin-top: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 $1,779,000 in the current quarter from $1,960,000 for the comparable quarter last year primarily due to fewer selling personnel.  Selling expenses as a percentage of net sales increased to 9.7% in the current quarter from 7.0% in the prior-year quarter due to the effect of lower 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 decreased to $1,245,000 in the current quarter from $1,296,000 in the prior-year quarter.  General and administrative expenses as a percentage of net sales increased to 6.8% in the current quarter from 4.6% 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:left;'><i><b><font size=2>YTD vs. Prior-year YTD</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>YTD net sales decreased 22.7% to $41,740,000 from $54,014,000 in the prior-year YTD.  Sales declines were the result of both lower market demand across all filtration products and increased competition in cartridge filter products.  Customers are delaying their purchases thus pushing demand out.  In addition, infrastructure projects have been significantly curtailed in response to the current economy.</font></p>

<p style=' margin-bottom:0pt; margin-top: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 9.2% of net sales YTD from 13.4% of net sales in the prior-year YTD primarily due to the highly competitive marketplace across all filtration products and increased cost of raw materials in some cartridge filters.</font></p>

<p style=' margin-bottom:0pt; margin-top: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 $3,545,000 YTD from $3,927,000 in the prior-year YTD primarily due to fewer selling personnel.  Selling expenses as a percentage of net sales increased to 8.5% YTD from 7.3% in the prior-year YTD due to the effect of lower 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 $2,410,000 or 5.8% of net sales YTD from $2,346,000 or 4.3% of net sales in the prior-year YTD.</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:justify;'><i><b><font size=2>Current quarter vs. Prior-year quarter</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>Net sales of $5,563,000 for the current quarter decreased 30.2% from $7,973,000 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 increased to 26.1% of net sales from 23.9% of net sales in the prior-year quarter primarily due to reduced field product support costs, lower overhead expenses and favorable product mix.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>11</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Selling expenses decreased to $883,000 in the current quarter from $967,000 in the prior-year quarter.  This was primarily driven by a decline in compensation and related expenses due to workforce reductions.  Selling expense as a percentage of net sales increased to 15.9% in the current quarter from 12.1% in the prior-year quarter due to the effect of lower 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 decreased in the current quarter to $859,000 or 15.4% of net sales from $1,243,000 or 15.6% 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, lower compensation and related expenses due to workforce reductions, and lower bad debt expense.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>YTD vs. Prior-year YTD</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>YTD net sales of $10,616,000 decreased 37.7% from $17,040,000 for prior-year YTD 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 23.6% of net sales from 25.2% of net sales in the prior-year YTD primarily due to lower sales volume to spread fixed overhead expenses.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Selling expenses decreased to $1,579,000 YTD from $2,124,000 in the prior-year YTD.  This was primarily driven by decreased commission expense from lower sales, and a decline in compensation and related expenses due to workforce reductions.  Selling expense as a percentage of net sales increased to 14.9% YTD from 12.5% of net sales in the prior-year YTD due to the effect of lower 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 decreased YTD to $1,708,000 from $2,518,000 in the prior-year YTD.  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.  General and administrative expenses as a percentage of net sales increased 16.1% YTD from 14.8% of net sales in the prior-year YTD due to the effect of lower 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:justify;'><b><font size=2>General Corporate and Other</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:justify;'><i><b><font size=2>Current quarter vs. Prior-year quarter</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net sales of $4,552,000 for the current quarter increased from $2,788,000 in the prior-year quarter due to increased activity on large projects.  New construction activity is affected by the current economy.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>General and administrative expenses increased to $2,637,000 or 4.3% of net sales in the current quarter from $2,623,000 or 3.4% of net sales in the prior-year quarter.  The increase was mainly due to increased deferred compensation expense and profit-based management incentive expense.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Interest expense decreased to $530,000 for the current quarter from $654,000, net of capitalized interest in the prior-year quarter primarily due to decreased borrowings and lower interest rates.  Capitalized interest of $132,000 was recorded in 2008 and was attributable to the building preparations for the relocation of the filtration products business operations from Cicero, Illinois to Bolingbrook, Illinois which occurred in the second and third quarters 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;'><i><b><font size=2>YTD vs. Prior-year YTD</font></b></i></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>YTD net sales of $11,146,000 increased from $3,208,000 in the prior-year YTD due to increased activity on large projects. New construction activity is affected by the current economy.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>General and administrative expenses increased to $5,819,000 or 4.5% of net sales YTD from $4,655,000 or 3.2% of net sales in the prior-year YTD.  The increase was due mainly to increased profit-based management incentive expense, increased deferred compensation 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>

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<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:center;'><font size=2>&nbsp;</font></p>

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</DIV>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>YTD interest expense decreased to $1,218,000 from $1,277,000, net of capitalized interest in the prior-year YTD primarily due to lower interest rates.  Capitalized interest of $132,000 was recorded in 2008 and was attributable to the building preparations for the relocation of the filtration products business operations from Cicero, Illinois to Bolingbrook, Illinois, which occurred in the second and third quarters 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;'><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>The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates.  Income earned in the U.A.E. is not subject to any local country income tax.  Taxes are based on an estimated annual effective rate.  The effective tax rate was (74.8%) and (17.1%) for the three and six months ending July 31, 2009, respectively.  The effective tax rate was less than the statutory U.S. federal income tax rate, mainly due to the impact of income earned in the U.A.E.  The Company re-evaluated the need for a valuation allowance against deferred tax assets.  During the first quarter, the Company established a full valuation allowance for the research and development credits of $844,000, 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.  For
additional information, see Note 3 Income Taxes in the Notes to the Financial Statements.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align: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 July 31, 2009 were $5,801,000 as compared to $2,735,000 at January 31, 2009.  The Company&#146;s working capital was $69,949,000 at July 31, 2009 compared to $57,984,000 at January 31, 2009.  The Company provided $16,282,000 from operating activities during the first six months of 2009.  Compared to January 31, 2009, inventories decreased by $8,876,000 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 $12,279,000 mainly in the piping systems business.  Restricted cash at July 31, 2009 included $3,824,000 pledged in lieu of an account receivable retention, pending wrap up of matters related to the India pipeline project.</font></p>

<p style=' margin-bottom:0pt; margin-top: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 six months ended July 31, 2009 consisted of $3,462,000 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 $46,871,000 at July 31, 2009, a decrease of $8,012,000 compared to the beginning of the current fiscal year.  Net cash used in financing activities was $11,065,000.  Stock option activity resulted in $20,000 of cash inflow, which included a $5,000 tax benefit of stock options exercised in addition to stock option proceeds of $15,000.</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 July 31, 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
July 31, 2009, the prime rate was 3.25%, and the margins added to the prime rate and the LIBOR rate, which are determined each quarter based on the applicable financial statement ratio, were 0.25 and 1.75 percentage points, respectively.  Monthly interest payments were made.  As of July 31, 2009, the Company had borrowed $23,825,000 and had $8,202,000 available to it under the revolving line of credit.  In addition, $220,000 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 July 31, 2009, the amount of such restricted cash was $466,000.  Cash required for operations is provided by draw-downs on the line of credit.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>13</font>
</A></p>

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

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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>Reclassifications:</font></b></i><font size=2> Reclassifications were made to prior-year financial statements to conform to the current-year presentations.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Revenue Recognition:  </font></b></i><font size=2>The Company recognizes revenues including shipping and handling charges billed to customers, when all the following criteria are met:  (i) persuasive evidence of an arrangement exists, (ii) the seller&#146;s price to the buyer is fixed or determinable, and (iii) collectability is reasonably assured.  All subsidiaries of the Company, except as noted below, recognize revenues upon shipment or delivery of goods or services when title and risk of loss pass to customers.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><b><font size=2>Percentage of completion revenue recognition:</font></b></i><font size=2>  All divisions recognize revenues under the above stated revenue recognition policy except for sizable complex contracts that require periodic recognition of income.  For these contracts, the Company uses "percentage of completion" accounting method.  Under this approach, income is recognized in each reporting period based on the status of the uncompleted contracts and the current estimates of costs to complete.  The choice of accounting method is made at the time the contract is received based on the expected length and complexity of the project.  The percentage of completion is determined by the relationship of costs incurred to the total estimated costs of the contract.  Provisions are made for estimated losses on uncompleted contracts in the period in which such losses are determined.  Changes in job performance, job
conditions, and estimated profitability, including those arising from contract penalty provisions and final contract settlements, may result in revisions to costs and income.  Such revisions are recognized in the period in which they are determined.  Claims for additional compensation due the Company are recognized in contract revenues when realization is probable and the amount can be reliably estimated.</font></p>

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

<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.  For additional information, see Note 3 Income Taxes in the Notes to the Financial Statements.</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><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 Statement of Financial Accounting Standards (SFAS) No. 168, &#147;The FASB Standards Codification and the Hierarchy of Generally Accepted Accounting Principles&#148; (SFAS 168 or the &#147;Codification&#148;), a replacement of SFAS 162.  SFAS 168 will become the source of authoritative U.S. generally accepted accounting principles (GAAP) recognized by the FASB to be applied by nongovernmental entities.  Rules and interpretive releases of the U.S. Securities and Exchange Commission (SEC) under authority of federal securities laws are also sources of authoritative GAAP for SEC registrants.  On the effective date of SFAS 168, the Codification will supersede all then-existing non-SEC accounting and reporting standards.  All other non-grandfathered, non-SEC accounting
literature not included in the Codification will become non-authoritative.  SFAS 168 is effective for financial statements issued for interim and annual periods ending after September 15, 2009.  The Company does not expect the adoption of SFAS 168 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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>14</font>
</A></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>In May 2009, the FASB 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 was for interim or annual financial periods ending after June 15, 2009.  Adoption of SFAS 165 did not have a material effect on the Company&#146;s 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;text-align:left;'><font size=2>In April 2009, the FASB issued Staff Position FAS 107-1 and APB 28-1, &#147;Interim Disclosures about Fair Value of Financial Instruments,&#148; to require fair value disclosures for interim financial statements.  This was effective for interim periods ending after June 15, 2009.  Adoption of FSP FAS 107-1 and APB 28-1did not have a material effect on the Company&#146;s consolidated financial statements.</font></p>

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

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


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<p style='margin:0pt;margin-bottom:.0001pt;text-align:justify'><font size=1>&nbsp;</font><b><font size=2>Item 3.</font></b></p> </td>

        <td width="417" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<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, India, South Africa and U.A.E.  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 $65,000.</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>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><b><font size=2>Item 4.</font></b></p> </td>

        <td width="180" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<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>
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<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 July 31, 2009.  Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company&#146;s disclosure controls and procedures were effective as of July 31, 2009 to ensure that information required to be disclosed in the reports that the Company files or submits 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 its 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, </font></p>

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<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:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>
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 July 31, 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>There has been no change in internal control over financial reporting during the quarter ended July 31, 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:center;'><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>


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

        <td width="353" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Submission of Matters to a Vote of Security Holders.</font></b></p> </td> </tr></table>
</div>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>The annual meeting of the stockholders of the Company was held on June 23, 2009.  David Unger, Henry M. Mautner, Bradley E. Mautner, Arnold F. Brookstone, Eugene Miller, Stephen B. Schwartz, Dennis Kessler, Michael J. Gade and Mark A. Zorko were elected as directors of the Company at the meeting.  The following is a tabulation of the votes cast for, or against, with respect to each nominee:</font></p>

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


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        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<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="57" valign=top style='border-bottom: solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>For</font></b></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<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="58" valign=top style='border-bottom: solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Against</font></b></p> </td> </tr>
    <tr >


        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>David Unger</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,570,515</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>987,358</font></p> </td> </tr>
    <tr >

        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Henry M. Mautner</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,590,315</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>967,558</font></p> </td> </tr>
    <tr >

        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Bradley E. Mautner</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,590,315</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>967,558</font></p> </td> </tr>
    <tr >

        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Arnold F. Brookstone</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,281,852</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,276,021</font></p> </td> </tr>
    <tr >

        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Eugene Miller</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,281,852</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,276,021</font></p> </td> </tr>
    <tr >

        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Stephen B. Schwartz</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,331,959</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,225,914</font></p> </td> </tr>
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        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Dennis Kessler</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>4,312,159</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>2,245,714</font></p> </td> </tr>
    <tr >

        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael J. Gade</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,584,561</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>973,312</font></p> </td> </tr>
    <tr >

        <td width="286" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt'><font size=2>Mark A. Zorko</font></p> </td>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>5,584,561</font></p> </td>

        <td width="21" valign=top style='padding:0pt 5.4pt 0pt 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="58" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>973,312</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=1>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font><b><font size=2>Item 6.</font></b></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Exhibits</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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

        <td width="43" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<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 style='padding:0pt 0pt 0pt 0pt; '>
<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>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1in;text-align:left;'><font size=2>&nbsp;</font></p>


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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer certification pursuant to Section 302 of the Sarbanes-</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;text-align:left;'><font size=2>Oxley Act of 2002</font></p>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Financial Officer certification pursuant to Section 302 of the Sarbanes-</font></p> </td> </tr></table>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="133" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<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>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:-0.25in;text-align:justify;'><font size=2>&nbsp;</font></p>


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<p style='margin:0pt;margin-bottom:.0001pt;text-align:justify'><font size=1>&nbsp;</font></p> </td>

        <td width="43" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
<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 style='padding:0pt 0pt 0pt 0pt; '>
<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>
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<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:1.5in;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>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>16</font>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; 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>


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<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>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>September 8, 2009</font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ David Unger</font></p> </td> </tr>
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<p
style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="239" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

        <td width="239" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Chief Executive Officer</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Principal Executive Officer)</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="239" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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="246" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr style='height:14.4pt'>

        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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="239" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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="246" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>Date:</font></p> </td>

        <td width="239" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>September 8, 2009</font></p> </td>

        <td width="246" valign=top style='border-bottom:solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr>
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        <td width="57" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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="239" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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="246" valign=top style='padding:0pt 5.4pt 0pt 5.4pt;height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Michael D. Bennett</font></p> </td> </tr>
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<p style='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:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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="246" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President, Secretary and Treasurer</font></p> </td> </tr>
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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>

        <td width="239" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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="246" valign=top style='padding:0pt 5.4pt 0pt 5.4pt; height:14.4pt'>
<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>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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

<div TITLE="EE+ Page Footer">
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><A NAME="PAGENUM"><font size=2>17</font>
</A></p>

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

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


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



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<p style=' margin-bottom:10pt; margin-top:0pt;text-align:right;line-height:115%;'><b><font size=2>Exhibit 32</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:115%;'><b><font size=2>Certification of Principal Executive Officers</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:115%;'><b><font size=2>Pursuant to 18 U.S.C. 1350</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;line-height:115%;'><b><font size=2>(Section 906 of the Sarbanes-Oxley Act of 2002)</font></b></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>The undersigned in their capacities as Chief Executive Officer and Chief Financial Officer of MFRI, Inc. (the &#147;Registrant&#146;), certify that, to the best of their knowledge, based upon a review of the Quarterly Report on Form 10-Q for the period ended July 31, 2009 of the Registrant, (the &#147;Report&#148;):</font></p>

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


<div align=left>

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        <td width="25" valign=top style='border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="30" valign=top style='border:solid black 1.0pt; border-left:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>(1)</font></p> </td>

        <td width="583" valign=top style='border:solid black 1.0pt; border-left:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and</font></p> </td> </tr>
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        <td width="25"
valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="30" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="583" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td> </tr>
    <tr >

        <td width="25" valign=top style='border:solid black 1.0pt; border-top:none; padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=1>&nbsp;</font></p> </td>

        <td width="30" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>(2)</font></p> </td>

        <td width="583" valign=top style='border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;  padding:0in 5.4pt 0in 5.4pt'>
<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.</font></p> </td> </tr></table>
</div>

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

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

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


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        <td width="241" 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> </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:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>September 8, 2009</font></p>

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

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


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        <td width="240" 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/ Michael D. Bennett</font></p> </td> </tr></table>
</div>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Michael D. Bennett</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Vice President, Secretary and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>(Principal Financial and Accounting Officer)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>September 8, 2009</font></p>

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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>A signed original of this written statement required by Section 906 has been provided by MFRI, Inc. and will be retained by MFRI, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.</font></p>

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

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


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



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<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, Michael D. Bennett, certify that:</font></p>


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


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


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


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


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


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


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

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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>(b)</font></p> </td>

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Date: </font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>September  8, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>/s/ Michael D. Bennett</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Michael D. Bennett </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Vice President, Secretary and Treasurer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>(Principal Financial and Accounting Officer)</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2> (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>



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<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>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>1.</font></p> </td>

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>2.</font></p> </td>

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


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


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


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

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

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

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

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


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>5.</font></p> </td>

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


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

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

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


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

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>Date: </font></p> </td>

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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>September
8, 2009</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0in;line-height: normal'><font size=2>/s/ David Unger</font></p> </td>

        <td width="503" 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>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>David Unger</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>Director and Chairman of the Board of Directors</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>and Chief Executive Officer</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;line-height:115%;'><font size=2>(Principal Executive Officer)</font></p>

<p style=' margin-bottom: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>



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

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=2>8.4.09</font></b></p>

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

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

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><B><font SIZE=2>AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</font></B></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><B><font SIZE=2>THIS SEVENTH AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT</font></B><font size=2> (&#147;Seventh Amendment&#148;) is made as of this ___ day of August, 2009, by and among BANK OF AMERICA, N.A., a national banking association (&#147;Bank of America&#148;) with an office at 135 South LaSalle Street, 4<sup>th</sup> Floor, Chicago, Illinois 60603, individually as a Lender and as Agent (&#147;Agent&#148;) for itself and any other financial institution which is or becomes a party hereto (each such financial institution, including Bank of America, is referred to hereinafter individually as a &#147;Lender&#148; and collectively as the &#147;Lenders&#148;), the </font><B><font SIZE=2>LENDERS</font></B><font size=2> and </font><B><font SIZE=2>MFRI, INC.</font></B><font size=2>, a Delaware corporation (&#147;MFRI&#148;), </font><B><font SIZE=2>MIDWESCO FILTER RESOURCES,
INC.</font></B><font size=2>, a Delaware corporation (&#147;Midwesco&#148;), </font><B><font SIZE=2>PERMA-PIPE, INC.</font></B><font size=2>, a Delaware corporation (&#147;Perma-Pipe&#148;), </font><B><font SIZE=2>THERMAL CARE, INC.</font></B><font size=2>, a Delaware corporation (&#147;Thermal Care&#148;), </font><B><font SIZE=2>TDC FILTER MANUFACTURING, INC.</font></B><font size=2>, a Delaware corporation (&#147;TDC&#148;) and </font><B><font SIZE=2>MIDWESCO MECHANICAL AND ENERGY, INC.</font></B><font size=2>, a Delaware corporation (&#147;Mechanical&#148;). Capitalized terms used in this Agreement have the meanings assigned to them in Appendix&nbsp;A, General Definitions. Accounting terms not otherwise specifically defined herein shall be construed in accordance with GAAP consistently applied. MFRI, Midwesco, Perma-Pipe, Thermal Care, TDC and Mechanical are sometimes hereinafter referred to individually as a &#147;Borrower&#148; and collectively as &#147;Borrowers&#148;.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Borrowers (other than Mechanical), Agent, and the Lender signatories thereto hereto entered into that certain Amended and Restated Loan and Security Agreement dated December 15, 2006, as amended by that First Amendment to Amended and Restated Loan and Security Agreement dated February 28, 2007 by and among Borrowers, Agent and Lenders , by that certain Second Amendment to Amended and Restated Loan and Security Agreement dated August 28, 2007 by and among Borrowers, Agent and Lenders, by that certain Third Amendment to Amended and Restated Loan and Security Agreement dated December&nbsp;13, 2007 by and among Borrowers, Agent and Lenders, by that certain Fourth Amendment to Amended and Restated Loan and Security Agreement dated April 17, 2008 by and among Borrowers, Agent and Lenders, by that certain Fifth Amendment to Amended and Restated Loan and Security Agreement dated
September 7, 2008 by and among Borrowers, Agent and Lenders and by that certain Sixth Amendment to Amended and Restated Loan and Security Agreement dated January 12, 2009 by and among Borrowers, Agent and Lenders (said Amended and Restated Loan and Security Agreement, as amended from time to time, the &#147;Loan Agreement&#148;); and</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>WHEREAS, Borrowers, Agent and Lenders desire to amend and restate the Loan Agreement as provided herein;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>NOW, THEREFORE, in consideration of the following terms and conditions, the parties agreed as follows:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Definitions</font></u><font size=2>. Except as otherwise specifically provided for herein, all capitalized terms used herein without definition shall have the meanings contained in the Loan Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Certain Events of Defaults</font></u><font size=2>. Effective December 15, 2006, subsection 10.1.16 (Material Advance Effect) of the Loan Agreement is deleted in its entirety.</font></p>

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<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Conditions Precedent</font></u><font size=2>. This Seventh Amendment shall become effective upon satisfaction of the following condition precedent:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:0.5in; text-indent:0.5in;text-align:justify;'><font size=2>(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers, Agent and Lenders shall have executed and delivered to each other this Seventh Amendment.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Governing Law</font></u><font size=2>. This Seventh Amendment shall be governed by, and construed in accordance with, the laws of the State of Illinois, without regard to the principles thereof relating to conflict of laws.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Execution in Counterparts</font></u><font size=2>. This Seventh Amendment may be executed in any number of counterparts, which shall, collectively and separately, constitute one Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.5in;text-align:justify;'><font size=2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><u><font size=2>Continuing Effect</font></u><font size=2>. Except as otherwise provided herein, the Loan Agreement remains in full force and effect.</font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=1>CHICAGO/#1965304.1</font><font size=2> </font></p>

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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><i><b><font size=2>(Signature Page to Seventh Amendment to</font></b></i></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Amended and Restated Loan and Security Agreement)</font></b></i></p>


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<p  ><B><font SIZE=2>MFRI, INC.</font></B></p>
<p  ><font size=2>By:</font><u><font size=2>/s/ Michael D. Bennett</font></u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael D. Bennett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: VP
CFO</font>                                              </p> </td> </tr>
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<p  ><B><font SIZE=2>MIDWESCO FILTER RESOURCES, INC.</font></B></p>
<p  ><font size=2>By:</font><u><font size=2>/s/ Michael D. Bennett</font></u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael D. Bennett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: VP</font>                                  </p> </td> </tr>
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<p  ><B><font SIZE=2>PERMA-PIPE, INC.</font></B></p>
<p  ><font size=2>By:</font><u><font size=2>/s/ Michael D. Bennett</font></u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael D. Bennett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: VP</font>                                  </p> </td> </tr>
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<p  ><B><font SIZE=2>THERMAL CARE, INC.</font></B></p>
<p  ><font size=2>By:</font><u><font size=2>/s/ Michael D. Bennett</font></u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael D. Bennett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: VP</font>                                  </p> </td> </tr>
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<p  ><B><font SIZE=2>TDC FILTER MANUFACTURING, INC.</font></B></p>
<p  ><font size=2>By:</font><u><font size=2>/s/ Michael D. Bennett</font></u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael D. Bennett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: VP</font>                                  </p> </td> </tr>
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<p  ><B><font SIZE=2>MIDWESCO MECHANICAL AND ENERGY, INC.</font></B></p>
<p  ><font size=2>By:</font><u><font size=2>/s/ Michael D. Bennett</font></u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Michael D. Bennett&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: VP</font>                                  </p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:center;'><i><b><font size=2>(Signature Page to Seventh Amendment to</font></b></i></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:center;'><i><b><font size=2>Amended and Restated Loan and Security Agreement)</font></b></i></p>

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<p  ><B><font SIZE=2>BANK OF AMERICA, N.A.</font></B><font size=2>, as Agent and as a Lender</font></p>
<p  ><font size=2>By:</font><u><font size=2>/s/ Brian Conole</font></u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>Name: Brian Conole&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><br> <font size=2>Title: Senior Vice President</font>                <u></u></p> </td> </tr></table>
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