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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001041934-04-000004.txt : 20040513
<SEC-HEADER>0001041934-04-000004.hdr.sgml : 20040513
<ACCEPTANCE-DATETIME>20040513080729
ACCESSION NUMBER:		0001041934-04-000004
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040512
FILED AS OF DATE:		20040513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDAP TMS SA
		CENTRAL INDEX KEY:			0001041934
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29374
		FILM NUMBER:		04800964

	BUSINESS ADDRESS:	
		STREET 1:		PARC D'ACTIVITES LA POUDRETTE LAMARTINE
		STREET 2:		4 RUE DU DAUPHINE
		CITY:			69120 VAULX EN VELIN
		STATE:			I0

	MAIL ADDRESS:	
		STREET 1:		PARC D'ACTIVITES LA POUDRETTE LAMARTINE
		STREET 2:		4 RUE DU DAUPHINE
		CITY:			69120 VAULX EN VELIN
		STATE:			I0
		ZIP:			69120
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>press12may2004.htm
<DESCRIPTION>PRESS RELEASE ON 2004 Q1 FINANCIAL RESULTS
<TEXT>
<HTML>
<HEAD>
<TITLE>EDAP TMS S.A. REPORTS 2004 FIRST QUARTER FINANCIAL RESULTS </TITLE>
</head>
<BODY text=#000000 bgColor=#ffffff>
<div align="left">
  <h1 align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">EDAP TMS S.A. REPORTS 2004 FIRST QUARTER FINANCIAL RESULTS </font></h1>
  <h1 align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">-- Both Operating Divisions Post Operating Profits for the First Time - <em>-<br>
  </em></font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>-- Company Increases Revenues 30%; Decreases Expenses 21% -- </strong></font></h1>
  <p align="center">&nbsp;</p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Vaulx-en-Velin, France, May 12, 2004-- EDAP TMS S.A. (Nasdaq: EDAP) </strong>, a global leader in the development, marketing and distribution of a portfolio of minimally-invasive medical devices for the treatment of urological diseases, today reported financial results for the first quarter ended March 31, 2004. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Company's revenues for the first quarter of 2004 were EUR 5.8 million compared to EUR 4.4 million in the same quarter of 2003, a 30% increase from the prior year same period. This double-digit increase in revenues tracked to the Company's budgeted expectations for the quarter. Revenues included a higher total number of machines sold in the first quarter of 2004 versus the first quarter of 2003 in both of the Company's operating divisions. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Company's gross margins were 37% for the first quarter of 2004 versus 36% for the first quarter of 2003 and 17% for the fourth quarter of 2003. The strong Euro continues to impact margins, but during the quarter the Euro remained constant and did not strengthen further. However, should the Euro continue to strengthen it would have an adverse affect on future gross margins. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Company's operating expenses in the first quarter of 2004 were EUR 2.2 million versus EUR 2.8 million in 2003. The decrease of 21% reflects the savings generated as a result of the restructuring completed at the end of 2003. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">While both divisions generated a cumulative operating profit of EUR 164 thousand in the first quarter, the Company's consolidated operating loss was EUR 0.2 million in the first quarter of 2004 compared to EUR 1.2 million loss in the first quarter of 2003. The EUR 1.0 million improvement in operating loss met the Company's budgeted expectations for the first quarter. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Company was close to breakeven with a consolidated net loss of EUR 13 thousand in the first quarter of 2004 compared to EUR 1.4 million in the first quarter of 2003 and further shows that the Company is on track with its 2004 expectations. </font></p>
  <p>&nbsp;</p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>CONSOLIDATED COMPANY</strong></font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The overall performance of the Company in the first quarter 2004 shows that the restructuring plan put into place at the end of 2003 has begun to provide immediate results. The most tangible example of this is the 21% reduction in operating expenses as a direct result of the restructuring. Additionally, the increased focus by the Company in its core markets proved beneficial with the 30% increase in revenues. This however is only the beginning of the process and there are still challenges and risks that lay ahead. The Company is pleased with the progress thus far and is looking to improve upon the results in the future. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Cash management remains a high priority for the management of the Company and cash balances remain strong. The Company ended the quarter with EUR 9.3 million cash on hand; the decrease from the previous quarter is from cash used in operations and from the various severance payments made to former employees during the quarter. As the Company has previously announced, there are several severance payments still to be made with the following schedule: EUR 0.7 million in Q2 and EUR 0.3 million in the balance of the year. These future payments will affect the timing of the Company's turn to cash-flow positive, but the Company reiterates its belief that it will not drop below EUR 7.0 million cash on hand during 2004. </font></p>
  <p>&nbsp;</p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>UROLOGICAL DEVICES AND SERVICES ("UDS") DIVISION </strong></font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The UDS division returned to operating profitability during the quarter due, in large part, to the good start in the implementation of its strategy. Revenues increased significantly with nine lithotripsy units sold. This continued strength is indicative of the strong demand for the UDS division's products in each of its key markets and the first sale of a lithotripsy unit to HealthTronics in the United States. The UDS division ended the quarter with a backlog of five machines that are expected to be delivered over the course of the next quarter. Additionally, the UDS division's efforts in reducing manufacturing costs is beginning to bear fruit with a stabilized gross margin even in light of the continued strength of the Euro. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The first quarter for the UDS division further validated the strategy of aggressively taking market share, with competitive pricing, while exercising continued strong control over the division's cost structure. </font></p>
  <p>&nbsp;</p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>HIGH INTENSITY FOCUSED ULTRASOUND ("HIFU") DIVISION </strong></font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The HIFU division reached a historical milestone in the first quarter of 2004 by achieving its first ever operating profit. Revenues grew significantly in the quarter with three units sold and the addition of eight new sites with access to HIFU technology, which brings the total number of sites with access to HIFU in Europe to 50. The quarter clearly confirmed the strong interest in HIFU with Ablatherm&reg; from both patients and physicians in Europe. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The restructuring generated clear savings in SG&amp;A thus bringing the costs of the HIFU division more in line with revenue expectations. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In February, the Company announced an agreement with HealthTronics Surgical Services, Inc. ("HealthTronics") granting HealthTronics the right to begin clinical trials with the Ablatherm in order to pursue marketing approval for the device, from the Food and Drug Administration ("FDA"), in the United States. HealthTronics informs the Company that they anticipate that the clinical trails and application process could take from three to five years. HealthTronics is currently in the early planning stages in advance of beginning clinical trails, which could begin by the end of the year. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Hugues de Bantel, President of the Company's two operating divisions, EDAP S.A. and TMS S.A., commented, &quot;The performance of the Company during the first quarter clearly confirms that both operating divisions are on track with the commitments made at the end of 2003. Strong revenue growth and operating profit, in the operating divisions, in the first quarter post restructuring is very encouraging. The overall progress of the business, in the first quarter, met our expectations. This is the result of a combination of factors including the continuous implementation of the strategy to reduce the cost structure of the Company, increase and strengthen the acceptance of the Company's technologies and a huge commitment from our team. </font></p>
  <p><font size="2" face="Verdana, Arial, Helvetica, sans-serif">EDAP TMS S.A. is the global leader in the development, production, marketing and distribution of a portfolio of minimally invasive medical devices primarily for the treatment of urological diseases. The Company currently develops and markets devices for the minimally invasive treatment of localized prostate cancer, using High Intensity Focused Ultrasound (HIFU), through its EDAP SA subsidiary; it is also developing this technology for the treatment of certain other types of tumors. EDAP TMS S.A. also produces and commercializes medical equipment for treatment of urinary tract stones using Extra-corporeal Shockwave Lithotripsy (ESWL), via its TMS SA subsidiary. In addition, the Company markets in Japan and Italy devices for the non-surgical treatment of benign Prostate Hyperplasia (BPH) using Microwave Thermotherapy (TUMT). For more information, in the U.S., contact EDAP Technomed Inc., the Company's U.S. subsidiary located in Atlanta, GA, by ph
one at (770) 446-9950. </font></p>
  <p>&nbsp;</p>
  <font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>This press release contains, in addition to historical information, forward-looking statements that involve risks and uncertainties. These include statements regarding the Company's growth and expansion plans. Such statements are based on management's current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause such a difference include, but are not limited to, those described in the Company's filings with the Securities and Exchange Commission. </em> </font></div>
<P align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em><br>
</em></font></P>
<TABLE cellSpacing=0 cellPadding=3 width=715 border=0>

    <TR>
      <TD colSpan=8> <DIV align=center>
          <P><font size="2"><strong><font face="Verdana, Arial, Helvetica, sans-serif">EDAP TMS S.A.<br>
          </font></strong><font face="Verdana, Arial, Helvetica, sans-serif"><strong>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)<br>
          (Amounts in thousands of Euro's and U.S. Dollars, except per share data) </strong></font></font></P>
          <P>&nbsp;</P>
        </DIV></TD>
    </TR>
    <TR>
      <TD width=239><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD colSpan=3> <DIV align=center><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1><B>Three Months Ended : </B></FONT>
          <HR noShade SIZE=1>
        </DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD colSpan=3> <DIV align=center><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1><B>Three Months Ended : </B></FONT>
          <HR noShade SIZE=1>
        </DIV></TD>
    </TR>
    <TR>
      <TD width=239><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD vAlign=top width=106>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>March 31,<br>
          2004<br>
        Euros </strong> </font></p></TD>
      <TD vAlign=top width=3><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font>
      </div></TD>
      <TD vAlign=top width=106>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>March 31,<br>
          2003<br>
        Euros </strong> </font></p></TD>
      <TD vAlign=top width=4><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font>
      </div></TD>
      <TD vAlign=top width=106>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>March 31,<br>
          2004<br>
        $US </strong> </font></p></TD>
      <TD vAlign=top width=4><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font>
      </div></TD>
      <TD vAlign=top width=106>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>March 31,<br>
          2003<br>
        $US </strong> </font></p></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Net sales of medical equipment</FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 3,190

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 1,873

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 3,954

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 2,024

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Net sales of spare parts, supplies and services </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 2,431

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 2,481

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 3,014

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 2,681

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=3 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>NET SALES</FONT></B></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>5,621 </strong> </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>4,354 </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>6,968 </strong> </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><STRONG> <strong>4,705 </strong>  </STRONG></font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Other revenues</FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 152

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 80

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 188

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 86

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>TOTAL REVENUES</FONT></B></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>5,773 </strong>  </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>4,434 </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>7,156 </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>4,791 </strong>  </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Cost of sales</FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (3,719)

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (2,849)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (4,610)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (3,079)

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20> <HR noShade SIZE=1> </TD>
      <TD width=3 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20> <HR noShade SIZE=1> </TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20> <HR noShade SIZE=1> </TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>GROSS PROFIT</FONT></B></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>2,054 </strong>  </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>1,585 </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>2,546 </strong> </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>1,712 </strong>  </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Research &amp; development expenses</FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (391)

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (732)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (484)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (791)

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>S, G &amp; A expenses </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (1,854)

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (2,093)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (2,299)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (2,262)

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Total operating expenses</FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (2,245)

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (2,825)</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (2,783)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (3,053)

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=3 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>OPERATING PROFIT (LOSS)</FONT></B></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(191) </strong>  </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(1,240) </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(237) </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(1,341) </strong>  </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Interest (expense) income, net </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (28)

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 12

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (34)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 13

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Currency exchange gains (loss), net </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 272

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (184)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 337

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (199)

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Other income (loss), net </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (3)

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (57)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (4)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (62)

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD width=239 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=3 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>INCOME (LOSS) BEFORE TAXES AND MINORITY INTEREST </FONT></B></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>50 </strong> </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(1,469) </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>62 </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(1,589) </strong>  </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Income tax (expense) credit </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (63) </font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 36 </font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (78) </font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 39 </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106 height=1> <HR noShade SIZE=1> </TD>
      <TD width=3 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106 height=1> <HR noShade SIZE=1> </TD>
      <TD width=4 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106 height=1> <HR noShade SIZE=1> </TD>
      <TD width=4 height=1><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106 height=1> <HR noShade SIZE=1> </TD>
    </TR>
    <TR>
      <TD width=239 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=3 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=4 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106 height=20><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>NET INCOME (LOSS) </FONT></B></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(13) </strong>  </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(1,433) </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><STRONG> <strong> <strong>(16) </strong> </strong> </STRONG></font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(1,550) </strong>  </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=3> </TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=3> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=3> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=106> <HR noShade SIZE=3> </TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Earning per share - Basic </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 0.00

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (0.18)

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 0.00

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (0.20)

</font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Average number of shares used in computation of EPS </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,782 </font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,782 </font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,782 </font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,782 </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Earning per share - Diluted </FONT></TD>
      <TD>
        <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 0.00 </font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD>
        <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (0.18) </font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD>
        <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 0.00 </font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD>
        <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (0.20) </font></DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Average number of shares used in computation of EPS </FONT></TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,823

</font></DIV></TD>
      <TD width=3><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD width=106> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,821

</font></DIV></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD>
        <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,823 </font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD>
        <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 7,821 </font></DIV></TD>
    </TR>

</TABLE>
<P align=left><FONT face="Verdana, Arial, Helvetica, sans-serif"
size=1><B><strong>NOTE: </strong></B>Translated for convenience of the reader to U.S. dollars at the 2004 average three months noon buying rate of 1 Euro = 1.2395 USD, and 2003 average three months noon buying rate of 1 Euro = 1.0806 USD.

</FONT></P>
<P align=left>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=3 width=650 border=0>

    <TR>
      <TD colSpan=8> <DIV align=center>
          <P><FONT face="Verdana, Arial, Helvetica, sans-serif" size=2><B>EDAP
            TMS S.A.<br>
            CONSOLIDATED BALANCE SHEETS HIGHLIGHTS (UNAUDITED)<BR>
            (Amounts in thousands of Euro&#8217;s and U.S. Dollars)</B></FONT></P>
          <P>&nbsp;</P>
        </DIV></TD>
    </TR>
    <TR>
      <TD width=293><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD vAlign=top width=82>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>March 31,<br>
          2004<br>
          Euros </strong> </font></p>        <HR align="right" SIZE=1 noShade>      </TD>
      <TD width=2><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD vAlign=top width=82>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>December 31,<br>
          2003<br>
          Euros </strong> </font></p>        <HR align="right" SIZE=1 noShade>      </TD>
      <TD width=2><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD vAlign=top width=58>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>March 31,<br>
          2004<br>
          $US </strong> </font></p>        <HR align="right" SIZE=1 noShade>      </TD>
      <TD width=2><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD vAlign=top width=81>        <p align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><strong>December 31,<br>
          2003<br>
          $US </strong> </font> </p>        <HR align="right" SIZE=1 noShade>      </TD>
    </TR>
    <TR>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif" size=1>Cash, cash
        equivalents and short term investments </FONT></TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 9,342

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 10,429

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 11,483

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 13,137

</font></DIV></TD>
    </TR>
    <TR>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif" size=1>Total current
        assets</FONT></TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 26,140

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 25,870

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 32,132

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 32,588

</font></DIV></TD>
    </TR>
    <TR>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif" size=1>Total current
        liabilities</FONT></TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 10,571

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 10,819

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 12,994

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 13,629

</font></DIV></TD>
    </TR>
    <TR>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>Shareholders' Equity </FONT></TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 19,027

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 18,961

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 23,388

</font></DIV></TD>
      <TD><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
      <TD> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 23,885

</font></DIV></TD>
    </TR>

</TABLE>
<P align=left><FONT face="Verdana, Arial, Helvetica, sans-serif"
size=1><B>NOTE</B>:


Translated for convenience of the reader to U.S. dollars at the noon buying rate of 1 Euro = 1.2292 USD, on March 31, 2004 and at the noon buying rate of 1 Euro = 1.2597 USD, on December 31, 2003. </FONT></P>
<P align=left>&nbsp;</P>
<TABLE cellSpacing=0 cellPadding=3 width=700 border=0>

    <TR>
      <TD colSpan=11> <DIV align=center>
          <P><FONT face="Verdana, Arial, Helvetica, sans-serif" size=2><B>EDAP
            TMS S.A.<br>
            CONDENSED STATEMENTS OF OPERATIONS BY DIVISION<br>
            THREE MONTHS ENDED MARCH 31, 2004&nbsp;&nbsp;&nbsp;<BR>
            (Amounts in thousands of Euro&#8217;s)</B></FONT></P>
          <P>&nbsp;</P>
        </DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD vAlign=top width=70> <DIV align=center><font face="Verdana, Arial, Helvetica, sans-serif"><STRONG><FONT color=#1 size=1>EDAP
          S.A.<BR>
          HIFU Division</FONT></STRONG></font></DIV></TD>
      <TD vAlign=top width=3><font face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font>
      </TD>
      <TD vAlign=top width=70> <DIV align=center><font face="Verdana, Arial, Helvetica, sans-serif"><STRONG><FONT color=#1 size=1>TMS
          S.A.<BR>
          UDS Division</FONT></STRONG></font></DIV></TD>
      <TD vAlign=top width=3><font face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font>
      </TD>
      <TD vAlign=top width=70> <DIV align=center><font face="Verdana, Arial, Helvetica, sans-serif"><STRONG><FONT color=#1 size=1>EDAP
          TMS<BR>
          HQ</FONT></STRONG></font></DIV></TD>
      <TD vAlign=top width=4><font face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font>
      </TD>
      <TD vAlign=top width=70> <DIV align=center><font face="Verdana, Arial, Helvetica, sans-serif"><STRONG><FONT color=#1
      size=1>Consolidation
        Impact</FONT></STRONG></font></DIV></TD>
      <TD vAlign=top width=4><font face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font>
      </TD>
      <TD vAlign=top width=70> <DIV align=center><font face="Verdana, Arial, Helvetica, sans-serif"><STRONG><FONT color=#1 size=1>Total
          <BR>
          After Consolidation</FONT></STRONG></font></DIV></TD>
      <TD vAlign=top width=4> <DIV align=center><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1><font face="Verdana, Arial, Helvetica, sans-serif"></font></FONT>
        </DIV></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Net sales of medical devices </FONT></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 1,191

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 2,448

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>-</FONT></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (449)

</font></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 3,190

</font></div></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Net sales of spare parts, supplies and services </FONT></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 635

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 1,970

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>-</FONT></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (174)

</font></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 2,431

</font></div></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Other revenues</FONT></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 14

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 138

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>-</FONT></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>-</FONT></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> 152

</font></div></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>TOTAL REVENUES</FONT></B></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>1,840 </strong>  </font></div></TD>
      <TD width=3><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>4,556 </strong>  </font></div></TD>
      <TD width=3><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><STRONG><FONT color=#1>-</FONT></STRONG></font></div></TD>
      <TD width=4><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(623) </strong> </font></div></TD>
      <TD width=4><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>5,773 </strong>  </font></div></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>GROSS PROFIT</FONT></B></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>730 </strong>  </font></div></TD>
      <TD width=3><div align="right"><STRONG><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>40%</FONT></STRONG></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>1,324 </strong>  </font></div></TD>
      <TD width=3><div align="right"><STRONG><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>30%</FONT></STRONG></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"><STRONG><FONT color=#1>0</FONT></STRONG></font></div></TD>
      <TD width=4><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> <strong>0</strong> </font></div></TD>
      <TD width=4><div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"></font></div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>2,054 </strong>  </font></div></TD>
      <TD width=4><STRONG><font size="1" face="Verdana, Arial, Helvetica, sans-serif">37%</font></STRONG></TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif" color=#1
      size=1>Research &amp; Development</FONT></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (205)

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (186)

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>-</FONT></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>-</FONT></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (391)

</font></div></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>Total SG&amp;A plus depreciation</FONT></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (453)

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (1,046)

</font></div></TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (355)

</font></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>-</FONT></div></TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT> </div></TD>
      <TD width=70> <div align="right"><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> (1,854)

</font></div></TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT> </TD>
    </TR>
    <TR>
      <TD width=239><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=3><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><div align="right"><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1></FONT></div></TD>
      <TD width=70> <HR align="right" SIZE=1 noShade> </TD>
      <TD width=4><FONT face="Verdana, Arial, Helvetica, sans-serif"
      size=1>&nbsp;</FONT></TD>
    </TR>
    <TR>
      <TD width=239><B><FONT face="Verdana, Arial, Helvetica, sans-serif"
      color=#1 size=1>OPERATING PROFIT (LOSS)</FONT></B></TD>
      <TD width=70> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>72 </strong>  </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=70> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> <strong> <strong>92 </strong> </strong> </font></DIV></TD>
      <TD width=3><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=70> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(355) </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=70> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif"> <strong>0</strong> </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
      <TD width=70> <DIV align=right><font size="1" face="Verdana, Arial, Helvetica, sans-serif">      <strong>(191) </strong>  </font></DIV></TD>
      <TD width=4><font size="1" face="Verdana, Arial, Helvetica, sans-serif">&nbsp;</font></TD>
    </TR>

</TABLE>
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