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<SEC-DOCUMENT>0001181431-05-048467.txt : 20050824
<SEC-HEADER>0001181431-05-048467.hdr.sgml : 20050824
<ACCEPTANCE-DATETIME>20050823180320
ACCESSION NUMBER:		0001181431-05-048467
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050823
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20050824
DATE AS OF CHANGE:		20050823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14784
		FILM NUMBER:		051044511

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>rrd90321.htm
<DESCRIPTION>SECOND QUARTER RESULTS
<TEXT>



<HTML>


<HEAD>








<META NAME="_AdHocReviewCycleID" CONTENT="-1836788040">


<META NAME="_EmailSubject" CONTENT="Form 8-K">


<META NAME="_AuthorEmail" CONTENT="aglendinning@pmklaw.com">


<META NAME="_AuthorEmailDisplayName" CONTENT="Glendinning, Ashley">


</HEAD>


<BODY LINK="#0000ff">





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=4>SECURITIES AND EXCHANGE COMMISSION</P>


<P ALIGN="JUSTIFY">&#9;Washington, D.C. 20549</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=5>FORM 8-K</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=4>CURRENT REPORT</P>


</B></FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;<B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&#9;Date of Report: August 23, 2005</P>


<P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Date of Earliest Event Reported)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B><FONT SIZE=5>INCOME OPPORTUNITY REALTY INVESTORS, INC.</P>


</B></FONT><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Exact Name of Registrant as Specified in its Charter)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<TABLE BORDER CELLSPACING=1 BORDERCOLOR="#ffffff" CELLPADDING=8 WIDTH=624>


<TR><TD WIDTH="35%" VALIGN="TOP">


<P>&nbsp;</P>


<P>&#9;<B>Nevada</B></TD>


<TD WIDTH="32%" VALIGN="TOP">





<P>&#9;<B>1-14784</B></TD>


<TD WIDTH="33%" VALIGN="TOP">





<P>&#9;<B>75-2615944</B></TD>


</TR>


<TR><TD WIDTH="35%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(State or other </P>


<P ALIGN="CENTER">jurisdiction of incorporation)</FONT></TD>


<TD WIDTH="32%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(Commission</P>


<P ALIGN="CENTER">File No.)</FONT></TD>


<TD WIDTH="33%" VALIGN="TOP">


<FONT SIZE=2><P ALIGN="CENTER">(I.R.S. Employer</P>


<P ALIGN="CENTER">Identification No.)</FONT></TD>


</TR>


</TABLE>





<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B>1755 Wittington Place, Suite 340</P>


<P ALIGN="JUSTIFY">&#9;Dallas, Texas 75234</P>


</B><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Address of principal executive offices)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&#9;<B>214-750-5800</P>


</B><P ALIGN="JUSTIFY">&#9;<FONT SIZE=2>(Registrant<FONT FACE="WP TypographicSymbols">&#61;</FONT>


s telephone number, including area code)</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<FONT SIZE=2><P ALIGN="JUSTIFY">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:</P>


<P ALIGN="JUSTIFY"></P><DIR>


<DIR>


<DIR>





</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>


</FONT><P ALIGN="JUSTIFY"><FONT FACE="WP TypographicSymbols">&#71;</FONT>


<FONT SIZE=2>&#9;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P></DIR>


</DIR>


</DIR>





</FONT><B><P ALIGN="JUSTIFY">Section 2 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 Financial Information</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 2.02.  Results of Operations and Financial Condition</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">On August 23, 2005, Income Opportunity Realty Investors, Inc. (<FONT FACE="WP TypographicSymbols">&#65;</FONT>


IOT<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 or the <FONT FACE="WP TypographicSymbols">&#65;</FONT>


Company<FONT FACE="WP TypographicSymbols">&#64;</FONT>


) announced its operational results for the second quarter of 2005.  A copy of the announcement is attached as Exhibit <FONT FACE="WP TypographicSymbols">&#65;</FONT>


99.1.<FONT FACE="WP TypographicSymbols">&#64;</FONT>


</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit <FONT FACE="WP TypographicSymbols">&#65;</FONT>


99.1<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 attached hereto, shall not be deemed to be <FONT FACE="WP TypographicSymbols">&#65;</FONT>


filed<FONT FACE="WP TypographicSymbols">&#64;</FONT>


 for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934.  We undertake no duty or obligation to publicly-update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.</P>


<P ALIGN="JUSTIFY"></P>


<B><P ALIGN="JUSTIFY">Section 9 <FONT FACE="WP TypographicSymbols">&#66;</FONT>


 Financial Statements and Exhibits</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Item 9.01.  Financial Statements and Exhibits</P>


</B><P ALIGN="JUSTIFY"></P><DIR>


<DIR>


<DIR>


<DIR>





<FONT FACE="Shruti,Georgia"><P ALIGN="JUSTIFY">(c)&#9;Exhibits.</P>


</FONT><P ALIGN="JUSTIFY"></P></DIR>


</DIR>


</DIR>


</DIR>





<FONT FACE="Shruti,Georgia"><P ALIGN="JUSTIFY">The following exhibit is furnished with this Report:</P>


</FONT><P ALIGN="JUSTIFY"></P>


<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 BORDERCOLOR="#ffffff" CELLPADDING=8 WIDTH=623>


<TR><TD WIDTH="20%" VALIGN="MIDDLE">


<P>&nbsp;</P>


<B><P ALIGN="CENTER">Exhibit Designation</B></TD>


<TD WIDTH="80%" VALIGN="TOP">





<P>&nbsp;</P>


<P>&#9;<B>Description of Exhibit</B></TD>


</TR>


<TR><TD WIDTH="20%" VALIGN="TOP">





<P>&#9;99.1*</TD>


<TD WIDTH="80%" VALIGN="TOP">





<P ALIGN="JUSTIFY">Press Release dated August 23, 2005.</TD>


</TR>


<TR><TD VALIGN="TOP" COLSPAN=2>





<P>_____________________</P>


<P>*Furnished herewith.</TD>


</TR>


</TABLE>


</CENTER></P>





<P ALIGN="JUSTIFY">&#9;<B>SIGNATURES</P>


</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly-caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly-authorized.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Dated:  August 23, 2005.&#9;&#9;&#9;INCOME OPPORTUNITY REALTY </P>


<P ALIGN="JUSTIFY">INVESTORS, INC.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">&nbsp;</P>


<P ALIGN="JUSTIFY">/s/ Robert N. Crouch II</P>


<P ALIGN="JUSTIFY">By: <U>&#9;</P><DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>


<DIR>





</U><P ALIGN="JUSTIFY">Robert N. Crouch II, Executive Vice</P></DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>


</DIR>





<P ALIGN="JUSTIFY">President, Chief Financial Officer and</P>


<P ALIGN="JUSTIFY">Acting Principal Executive Officer</P>


<P ALIGN="JUSTIFY"></P></BODY>


</HTML>








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.
<SEQUENCE>2
<FILENAME>rrd90321_7644.htm
<TEXT>



<HTML>


<HEAD>








<TITLE>NEWS RELEASE</TITLE>


</HEAD>


<BODY LINK="#0000ff">





<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=672>


<TR><TD WIDTH="50%" VALIGN="TOP" HEIGHT=132>


<B><FONT FACE="Arial" SIZE=4><P>NEWS RELEASE</P>


</B></FONT><FONT FACE="Arial">


<I><P>FOR IMMEDIATE RELEASE</I></FONT></TD>


<TD WIDTH="50%" VALIGN="TOP" HEIGHT=132>


<FONT FACE="Arial">


<P>&nbsp;</P>


</FONT><FONT FACE="Arial" SIZE=3><P>Contact:</P>


<P>Income Opportunity Realty Investors Relations</P>


<P>(800) 400-6407</P>


<P>investor.relations@primeasset.com</P>


</FONT><FONT FACE="Arial"></FONT></TD>


</TR>


</TABLE>





<FONT FACE="Arial"><P>&nbsp;</P>


</FONT><B><FONT FACE="Arial" SIZE=4><P>Income Opportunity Reports 2Q 2005 Results</P>


</B></FONT><FONT SIZE=2>


<P ALIGN="JUSTIFY">DALLAS (August 23, 2005)</FONT><FONT FACE="Arial" SIZE=1> -- Income Opportunity Realty Investors, Inc. (AMEX: IOT), a Dallas-based real estate investment company, today reported net income of $594,000 and $833,000, or $0.14 and $0.20 per share for the three and six months ended June 30, 2005, compared to net income of $334,000 and $2.85 million or $0.08 and $0.66 per share for </FONT><FONT FACE="Arial" SIZE=2>the same periods in 2004.</P>


<P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Income items for the three and six months ended June 30, 2005, compared to the same periods in 2004, included:</P>


<P ALIGN="JUSTIFY"></P>





<UL>


<B><P ALIGN="JUSTIFY"><LI>Rental income of $1.61 million and $3.14 million, compared to $1.02 million and $2.92 million in 2004.  Rental income during the remaining periods of 2005 is expected to increase if IORI purchases more properties.</LI></P></UL>





<P ALIGN="JUSTIFY"></P>





<UL>


<P ALIGN="JUSTIFY"><LI>Interest and other income of $965,000 and $1.93 million, compared to $616,000 and $1.21 million in 2004.  The three and six month increases were primarily due to additional interest earned from the additional notes receivable obtained from affiliates of IORI.</LI></P></UL>





</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Expenses for the three and six months ended June 30, 2005, compared to the same period in 2004, included: </P>


<P ALIGN="JUSTIFY"></P>





<UL>


<B><P ALIGN="JUSTIFY"><LI>Operating expenses of $825,000 and $1.65 million, compared to $449,000 and $1.61 million in 2004.  The three and six month decreases were primarily due to the sale of three properties in 2004.</LI></P></UL>





<P ALIGN="JUSTIFY"></P>





<UL>


<P ALIGN="JUSTIFY"><LI>Interest expense of $562,000 and $1.50 million, compared to $750,000 and $1.80 million in 2004.  The three and six month decreases were primarily due to the retirement of four notes payable from sale of properties in 2004.  </LI></P></UL>





<P ALIGN="JUSTIFY"></P>





<UL>


<P ALIGN="JUSTIFY"><LI>Depreciation expense of $173,000 and $350,000, compared to $116,000 and $386,000 in 2004.  The six month decrease was due to the sale of properties and fully depreciated tenant improvements in 2004.</LI></P></UL>





<P ALIGN="JUSTIFY"></P>





<UL>


<P ALIGN="JUSTIFY"><LI>Advisory fee to affiliate of $170,000 and $337,000 compared to $201,000 and $393,000 in the 2004.  The three and six month decreases were due changes in gross assets, the basis of the fee.</LI></P></UL>





<P ALIGN="JUSTIFY"></P>





<UL>


<P ALIGN="JUSTIFY"><LI>Net income fee to affiliate of $55,000 and $67,000 compared to $30,000 and $245,000 in 2004.  Net income fee is based on 7.5% of IORI's net income.</LI></P></UL>





<P ALIGN="JUSTIFY"></P>





<UL>


<P ALIGN="JUSTIFY"><LI>General and administrative expenses of $199,000 and $341,000, compared to $179,000 and $446,000 in 2004.  The three and six month decreases were primarily due to a decrease in property insurance and rental expense.</LI></P></UL>





</B><P ALIGN="JUSTIFY"></P>


<P ALIGN="JUSTIFY">Results of properties sales in the three and six months ended June 30, 2005, compared to the same periods in 2004, included:</P>


<P ALIGN="JUSTIFY"></P>





<UL>


<B><P ALIGN="JUSTIFY"><LI>Gain/(loss) from operations of $-0- and $-0-, compared to $4,000 and ($78,000) in 2004.</LI></P></UL>





<P ALIGN="JUSTIFY"></P>





<UL>


<P ALIGN="JUSTIFY"><LI>Gains on sale of real estate of $-0- and $-0-, compared to $417,000 and $3.67 million in 2004.</LI></P></UL>





</B><P ALIGN="JUSTIFY"></P>


<B><I><P ALIGN="JUSTIFY">About Income Opportunity Realty Investors, Inc.</P>


</B></I><P ALIGN="JUSTIFY">Income Opportunity Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including office buildings, apartments, and undeveloped land.  For more information, go to IORI's website at www.incomeopp-realty.com. </P>


</FONT><FONT SIZE=2>


</FONT><FONT SIZE=1><P>&nbsp;</P></FONT>


<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=708>


<TR><TD VALIGN="BOTTOM" COLSPAN=8 HEIGHT=17>


<B><FONT SIZE=1><P ALIGN="CENTER">Income Opportunity Realty Investors, Inc.</B></FONT></TD>


</TR>


<TR><TD VALIGN="BOTTOM" COLSPAN=8 HEIGHT=17>


<B><FONT SIZE=1><P ALIGN="CENTER">FINANCIAL  HIGHLIGHTS</B></FONT></TD>


</TR>


<TR><TD VALIGN="BOTTOM" COLSPAN=8 HEIGHT=17>


<B><FONT SIZE=1><P ALIGN="CENTER">(dollars in thousands, except share and per share data)</B></FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=1><P ALIGN="CENTER">Three Months Ended</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="27%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=1><P ALIGN="CENTER">Six Months Ended</FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="28%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=1><P ALIGN="CENTER">June 30,</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="27%" VALIGN="BOTTOM" COLSPAN=3 HEIGHT=17>


<FONT SIZE=1><P ALIGN="CENTER">June 30,</FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<U><FONT SIZE=1><P ALIGN="CENTER">2005</U></FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<U><FONT SIZE=1><P ALIGN="CENTER">2004</U></FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<U><FONT SIZE=1><P ALIGN="CENTER">2005</U></FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<U><FONT SIZE=1><P ALIGN="CENTER">2004</U></FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=6><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Income from rents</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                  </P>


<P>         1,613 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>             </P>


<P>       1,022 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                  </P>


<P>         3,142 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>             </P>


<P>       2,917 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Expense from operations</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                   </P>


<P>            825 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>          449 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                   </P>


<P>         1,646 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>       1,606 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>  Operating Income</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                </P>


<P>            788 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>          573 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                </P>


<P>         1,496 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>       1,311 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Other Income</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                </P>


<P>            965 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>          616 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                </P>


<P>         1,930 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>       1,213 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Other Expense</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>             </P>


<P>         1,159 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>       1,276 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>             </P>


<P>         2,593 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>       3,272 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Net Income (Loss) from Continuing Operations</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                </P>


<P>            594</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>           (87) </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                </P>


<P>            833</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>        (748) </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Net Income (Loss) from Discontinued Operations</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                  </P>


<P>               -0- </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>           421</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>                  </P>


<P>               -0- </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>       3,596</FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>Net Income (Loss)</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>                   </P>


<P>            594 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>           334 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>                   </P>


<P>            833 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>       2,848 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Earnings (Loss) Per Share</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>Net Income (Loss) from Continuing Operations</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>           0.14</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>         (0.02)</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>           0.20</FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>        (0.17)</FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=4><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>  Discontinued Operations</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>               </P>


<P>           0.00 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>               </P>


<P>           0.10 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>               </P>


<P>           0.00 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>               </P>


<P>         0.83 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=5><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>    Net Income (Loss)</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>           0.14 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>           0.08 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>           0.20 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18>


<FONT SIZE=1><P>         0.66 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=18><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>Weighted average common shares used</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>  to compute earnings per share.</FONT></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>     4,168,035 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>     4,316,835 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>     4,168,035 </FONT></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17>


<FONT SIZE=1><P>     4,316,835 </FONT></TD>


</TR>


<TR><TD WIDTH="43%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="13%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="2%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


<TD WIDTH="12%" VALIGN="BOTTOM" HEIGHT=17><P></P></TD>


</TR>


</TABLE>





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