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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001119083-05-000008.txt : 20050720
<SEC-HEADER>0001119083-05-000008.hdr.sgml : 20050720
<ACCEPTANCE-DATETIME>20050720080215
ACCESSION NUMBER:		0001119083-05-000008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050720
DATE AS OF CHANGE:		20050720

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MIND CTI LTD
		CENTRAL INDEX KEY:			0001119083
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31215
		FILM NUMBER:		05962737

	BUSINESS ADDRESS:	
		STREET 1:		INDUSTRIAL PARK BUILDING 7
		CITY:			YOQNEAM ILIT ISRAEL
		STATE:			L3
		ZIP:			20692
		BUSINESS PHONE:		97249936666

	MAIL ADDRESS:	
		STREET 1:		PO BOX 144
		CITY:			YOQNEAM ILIT ISRAEL
		ZIP:			20692
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>mindcti6k.htm
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 3.2//EN">

<html>
<head>
	<title>MIND CTI </title>
</head>
<body bgcolor="#ffffff" text="#000000" link="#0000ff" vlink="#0000ff" alink="#ff0000">
<P>FORM 6-K</P>
<CENTER>
<P ALIGN="CENTER"><STRONG>SECURITIES AND EXCHANGE COMMISSION</STRONG></P>
<P ALIGN="CENTER"><STRONG>Washington D.C. 20549</STRONG></P>
<P><STRONG>Report of Foreign Private Issuer</STRONG></P>
<P ALIGN="CENTER">
<STRONG>Pursuant to Rule 13a-16 or 15d-16</STRONG></P>
<P ALIGN="CENTER"><STRONG>of the Securities Exchange Act of 1934</STRONG></P>
<P>For the month of Month July, 2005</P>
<P>Commission File Number: 000-31215</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER"><STRONG>MIND C.T.I. LTD.</STRONG></P>
<P ALIGN="CENTER">(Translation of registrant's name into English)</P>
<P ALIGN="CENTER"><STRONG>&nbsp;</STRONG></P>
<P ALIGN="CENTER"><STRONG>Industrial Park, Building 7, Yokneam 20692 , Israel</STRONG></P>
<P ALIGN="CENTER">(Address of principal executive offices)</P>

<P>Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:</P>
<P ALIGN="CENTER">Form 20-F X Form 40-F_______</P>
<P>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A</P>
<P>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A</P>
<P>Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:</P>
<P ALIGN="CENTER">
	&nbsp;
</P>
<P ALIGN="CENTER">
	Yes _______ No X
</P>
<P>If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A</P>
<BR>
</CENTER>
<P ALIGN="CENTER"><STRONG>INCORPORATION BY REFERENCE</STRONG></P>
<p>The financial statements included in the press release attached as Exhibit 1 to this Report on Form 6-K are hereby incorporated by reference into: (i) the Registrant's Registration Statement on Form S-8, Registration No. 333-117054; (ii) the Registrant's Registration Statement on Form S-8, Registration No. 333-100804; and (iii) the Registrant's Registration Statement on Form S-8, Registration No. 333-54632.</P>
<P ALIGN="CENTER">
	<STRONG>CONTENTS</STRONG>
</P>
<P>This report on Form 6-K consists of the following document, which is attached hereto and incorporated by reference herein:</P>
<OL>
	<LI>Press Release: MIND CTI Reports 2005 Second Quarter Results.<br>
	 Dated July 20, 2005</LI>
</OL>
<P ALIGN="CENTER">
<STRONG>
	SIGNATURES
</STRONG>
</P>
<P>
	&nbsp;
</P>
<P>
	Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</P>
<P>
	Date: July 20, 2005
</P>
<TABLE>
<TR>
<TD WIDTH="50%">
	&nbsp;
</TD>
<TD>
	By Order of the Board of Directors,
<P>
	/s/ Monica Eisinger
<BR>
	Title: Chairperson of the Board of Directors, President and Chief Executive Officer
</TD>
</TR>
</TABLE>
<BR>

<P ALIGN="CENTER"><STRONG>EXHIBIT INDEX</STRONG></P>
<P>
	Exhibit Number Description of Exhibit
	<OL TYPE="1">
	<LI>Press Release: MIND CTI Reports 2005 Second Quarter Results.<br>
	 Dated July 20, 2005</LI>
	</OL>
</P>

<center>
	<h1>MIND CTI Reports 20% Operating Income and EPS of 5 cents in Q2 2005</h1>
	<h2>* 11% sequential revenue growth</h2>
</center>

<b>Key Highlights of Q2 2005</b><br>
<ul>
	<li>Revenues were $3.42 million, an 11% increase from $3.08 million in the previous quarter and a 21% decrease from $4.3 million in the second quarter of 2004.
	<li>Operating income was $687 thousand, a 110% increase over the previous quarter and a 9% decrease over the second quarter of 2004
	<li>Net income for the second quarter was $980 thousand or $0.05 per diluted share, compared with a net income of $1.59 million or $0.07 per diluted share in the second quarter of 2004.
	<li>Multiple customer upgrades (both license and services upgrades)
</ul>

<p>
	<b>Yoqneam, Israel, July 19, 2005</b>- MIND C.T.I. LTD. (NASDAQ: MNDO), a leading global provider of real-time mediation, rating, billing and customer care solutions for pre-paid and post-paid voice, data and content, today announced results for the second quarter ended June 30, 2005.
</p><p>
	Monica Eisinger, MIND chairperson and chief executive officer, commented: "In the second quarter of 2005 we succeeded to grow both revenues and operating income, primarily credited to recurrent sales to existing customers. As previously estimated the financial income was lower this quarter due to a decrease in interest gained on our cash and the change in the Euro exchange rates.
</p><p>
	We believe that the demand for our solutions continues and in order to address future needs of both existing customers and new opportunities we continue to invest significantly in enhancing our product offering. At the same time we continue to build the organization and add experienced people to our team.
</p><p>
	We have a large and stable customer base and we expect the trend of customer license and services additions and upgrades to continue and add to the revenue increase in the long term."
</p><p>
	<strong>Revenue Distribution for Q2 2005</strong><br>
	The geographic revenue breakdown, as a percentage of total revenues, was as follows: sales in Europe represented 41%, the Americas represented 25%, Africa represented 20%, APAC represented 8% and Israel represented 6%.
</p><p>
	Revenue from our customer care and billing software totaled $2.88 million, while revenue from our enterprise call management software was $547 thousand. The revenue breakdown from our business lines of products was $1.72 million, or 50%, from licenses, $1.11 million, or 33%, from maintenance and $582 thousand, or 17%, from services.
</p><p>
	<strong>New Executive Addition</strong><br>
	In the second half of 2004 we initiated a process of organizing the company for future growth. For the last three quarters we added each quarter executives with experience in our field and background from larger organizations. In July 2005 Yossi Shoval joined our company as VP Strategic Business Alliances. Prior to joining our company, he was Director at Amdocs with responsibility for strategic alliances. Prior to that he served at Comverse as AVP with responsibility for the Comverse partnership program. Yossi holds an MBA from Heriot-Watt University in Scotland and a BA in Economics form Tel Aviv University.
</p><p>
	As of June 30, 2005, we had 257 employees in our offices in Israel, Romania, the United States and China.
</p><p>
	<strong>Conference Call Information </strong><br>
	MIND will host a conference call on July 20, at 8:30 a.m., Eastern Time, to discuss the Company's second quarter results and other financial and business information, including trends and guidance for the near future. The call will be carried live on the Internet via www.fulldisclosure.com and the MIND website, www.mindcti.com. For those unable to listen to the live web cast, a replay will be available.
</p><p>
	<strong>About MIND</strong><br>
	MIND CTI Ltd. (http://www.mindcti.com) is a leading global provider of real-time billing and customer care solutions for pre-paid and post-paid voice, data and video. Since 1997 MIND has been a pioneer in enabling the VoIP technology for emerging and incumbent service providers. MIND solutions include "best-in-class" solutions for Service Enabling of IP services in the wireless arena, end-to-end convergent billing solutions and internal billing for large enterprises. MIND operates from offices in Europe, Israel, the United States and China.
 </p><p>
	For financial information, reports and presentations, please visit the Investor Relations site: http://www.mindcti.com/ir
</p><p>
	<font size="2">Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The forward looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission.  The Company does not undertake to update any forward-looking information.</font>
</p><p>
<b>For more information please contact:</b><br>
Andrea Dray<br>
MIND CTI Ltd.<br>
Tel: +972-4-993-6666<br>
investor@mindcti.com
</p>
<center>(tables to follow)</center>
<!-- _________________________________________________________________________________________________-->
<p>
<hr width="100%">

<a name="table"></a>
<a href="#top"><font size="1"><b>Back to top</b></font></a>

<center><h2>CONDENSED CONSOLIDATED BALANCE SHEETS</h2></center>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
<tr>
	<td></td>
	<td colspan="2" align="center"><b><font size="2">June 30</font></b></td>
	<td align="center"><b><font size="2">December 31</font></b></td></tr>
<tr>
	<td></td>
	<td align="center"><font size="2">2005</font></td>
	<td align="center"><font size="2">2004</font></td>
	<td align="center"><font size="2">2004</font></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="2"><font size="2">(Unaudited)</font></td>
	<td align="center"><font size="2">(Audited)</font></td></tr>
<tr>
	<td></td>
	<td align="center"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="center"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="center"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td></td>
	<td colspan="3" align="center"><font size="2">U.S. $ in thousands</font></td></tr>
<tr>
	<td></td>
	<td colspan="3" align="center"><HR WIDTH="100%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td align="center"><b><font size="2">A  s  s  e  t  s</font></b></td>
	<td colspan="3"></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><b><font size="2">CURRENT ASSETS:</font></b></td>
	<td colspan="3"></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Cash and cash equivalents</font></p></td>
	<td align="right"><font size="2">$6,354</font></td>
	<td align="right"><font size="2">$8,181</font></td>
	<td align="right"><font size="2">$18,687</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Accounts receivable:</font></p></td>
	<td colspan="3"></td></tr>
<tr>
	<td><p style="margin-left:40px"><font size="2">Trade</font></p></td>
	<td align="right"><font size="2">2,518</font></td>
	<td align="right"><font size="2">2,351</font></td>
	<td align="right"><font size="2">3,418</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:40px"><font size="2">Interest accrued on long-term bank deposits</font></p></td>
	<td align="right"><font size="2">29</font></td>
	<td align="right"><font size="2">483</font></td>
	<td align="right"><font size="2">242</font></td></tr>
<tr>
	<td><p style="margin-left:40px"><font size="2">Other</font></p></td>
	<td align="right"><font size="2">726</font></td>
	<td align="right"><font size="2">827</font></td>
	<td align="right"><font size="2">773</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Inventories</font></td>
	<td align="right"><font size="2">19</font></td>
	<td align="right"><font size="2">11</font></td>
	<td align="right"><font size="2">18</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:60px"><font size="2">T o t a l  current assets</font></td>
	<td align="right"><font size="2">9,646</font></td>
	<td align="right"><font size="2">11,853</font></td
	><td align="right"><font size="2">23,138</font></td></tr>
<tr>
	<td><b><font size="2">LONG-TERM BANK DEPOSITS</font></b></td>
	<td align="right"><font size="2">40,000</font></td>
	<td align="right"><font size="2">47,400</font></td>
	<td align="right"><font size="2">30,000</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><b><font size="2">PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization</font></b></td>
	<td align="right"><font size="2">1,885</font></td>
	<td align="right"><font size="2">1,623</font></td>
	<td align="right"><font size="2">1,790</font></td></tr>
<tr>
	<td><b><font size="2">OTHER ASSETS, net of accumulated amortization</font></b></td>
	<td align="right"><font size="2">553</font></td>
	<td align="right"><font size="2">804</font></td>
	<td align="right"><font size="2">788</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td><p style="margin-left:60px"><font size="2">T o t a l  assets</font></td>
	<td align="right"><font size="2">$52,084</font></td>
	<td align="right"><font size="2">$61,680</font></td>
	<td align="right"><font size="2">$55,716</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td align="center"><b><font size="2">Liabilities and shareholders' equity</font></b></td>
	<td colspan="3"></td></tr>
<tr>
	<td><b><font size="2">CURRENT LIABILITIES -</font></b></td>
	<td colspan="3"></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">accounts payable and accruals:</font></p></td>
	<td colspan="3"></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Trade</font></td>
	<td align="right"><font size="2">$338</font></td>
	<td align="right"><font size="2">$1,321</font></td>
	<td align="right"><font size="2">$466</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Deferred revenues</font></td>
	<td align="right"><font size="2">1,515</font></td>
	<td align="right"><font size="2">1,973</font></td>
	<td align="right"><font size="2">1,680</font></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Other</font></td>
	<td align="right"><font size="2">1,721</font></td>
	<td align="right"><font size="2">1,470</font></td>
	<td align="right"><font size="2">2,124</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td><p style="margin-left:60px"><font size="2">T o t a l  current liabilities</font></td>
	<td align="right"><font size="2">3,574</font></td>
	<td align="right"><font size="2">4,764</font></td>
	<td align="right"><font size="2">4,270</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><b><font size="2"BANK LOANS</font></b></td>
	<td align="right"><font size="2"></font></td>
	<td align="right"><font size="2">10,000 </font></td>
	<td align="right"><font size="2"></font></td></tr>
<tr>
	<td><b><font size="2">EMPLOYEE RIGHTS UPON RETIREMENT</font></b></td>
	<td align="right"><font size="2">1,118</font></td>
	<td align="right"><font size="2">1,061</font></td>
	<td align="right"><font size="2">1,200</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td><font size="2">T o t a l liabilities</font></td>
	<td align="right"><font size="2">4,692</font></td>
	<td align="right"><font size="2">15,825</font></td>
	<td align="right"><font size="2">5,470</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td><b><font size="2">SHAREHOLDERS' EQUITY:</font></b></td>
	<td colspan="3"></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Share capital</font></td>
	<td align="right"><font size="2">53</font></td>
	<td align="right"><font size="2">53</font></td>
	<td align="right"><font size="2">53</font></td></tr>
<tr>
	<td><p style="margin-left:20px">Additional paid-in capital</font></td>
	<td align="right"><font size="2">59,357</font></td>
	<td align="right"><font size="2">58,634</font></td>
	<td align="right"><font size="2">59,079</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px">Accumulated deficit</font></td>
	<td align="right"><font size="2">(12,018)</font></td>
	<td align="right"><font size="2">(12,832)</font></td>
	<td align="right"><font size="2">(8,886)</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:60px"><font size="2">T o t a l  shareholders' equity</font></td>
	<td align="right"><font size="2">47,392</font></td>
	<td align="right"><font size="2">45,855</font></td>
	<td align="right"><font size="2">50,246</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:60px"><font size="2">To t a l  liabilities and shareholders' equity</font></td>
	<td align="right"><font size="2">$52,084</font></td>
	<td align="right"><font size="2">$61,680</font></td>
	<td align="right"><font size="2">$55,716</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
</table>

<p><center><font size="2">I</font></center>
<!-- _________________________________________________________________________________________________-->
<hr width="100%">
</p>

<a name="table2"></a>
<a href="#top"><font size="1"><b>Back to top</b></font></a>

<center><h2>CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</h2></center>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
<tr>
	<td></td>
	<td align="center" colspan="2"><font size="2"><b>Six months ended June 30</b></font></td>
	<td align="center" colspan="2"><font size="2"><b>Three months ended June 30</b></font></td>
	<td align="center"><font size="2"><b>Year ended December 31,</b></font></td></tr>
<tr>
	<td></td><td align="right"><font size="2"><b>2005</b></font></td>
	<td align="right"><font size="2"><b>2004</b></font></td>
	<td align="right"><font size="2"><b>2005</b></font></td>
	<td align="right"><font size="2"><b>2004</b></font></td>
	<td align="right"><font size="2"><b>2004</b></font></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="2"><font size="2"><b>(Unaudited)</b></font></td>
	<td align="center" colspan="2"><font size="2"><b>(Unaudited)</b></font></td>
	<td align="center"><font size="2"><b>(Audited)</b></font></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="2"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="center" colspan="2"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="center"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="6"><font size="2"><b>U.S. $ in thousands (except per share data)</b></font></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="6"><HR WIDTH="100%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2"><b>REVENUES</b></font></td>
	<td align="right"><font size="2">$6,504</font></td>
	<td align="right"><font size="2">$8,324</font></td>
	<td align="right"><font size="2">$3,422</font></td>
	<td align="right"><font size="2">$4,319</font></td>
	<td align="right"><font size="2">$17,806</font></td></tr>
<tr>
	<td><font size="2"><b>COST OF REVENUES</b></font></td>
	<td align="right"><font size="2">1,607</font></td>
	<td align="right"><font size="2">2,087</font></td>
	<td align="right"><font size="2">1,086</font></td>
	<td align="right"><font size="2">1,086</font></td>
	<td align="right"><font size="2">4,394 </font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr>
	<td><font size="2"><b>GROSS PROFIT</b></font></td>
	<td align="right"><font size="2">4,897</font></td>
	<td align="right"><font size="2">6,237</font></td>
	<td align="right"><font size="2">2,619</font></td>
	<td align="right"><font size="2">3,233</font></td>
	<td align="right"><font size="2">13,412</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2"><b>RESEARCH AND DEVELOPMENT EXPENSES - net</b></font></td>
	<td align="right"><font size="2">2,109</font></td>
	<td align="right"><font size="2">1,846</font></td>
	<td align="right"><font size="2">1,110</font></td>
	<td align="right"><font size="2">845</font></td>
	<td align="right"><font size="2">3,833</font></td></tr>
<tr>
	<td><font size="2"><b>SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:</b></font></td>
	<td></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Selling</font></td>
	<td align="right"><font size="2">1,020</font></td>
	<td align="right"><font size="2">2,330</font></td>
	<td align="right"><font size="2">428</font></td>
	<td align="right"><font size="2">1,263</font></td>
	<td align="right"><font size="2">4,517</font></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">General and administrative</font></td>
	<td align="right"><font size="2">753</font></td>
	<td align="right"><font size="2">706</font></td>
	<td align="right"><font size="2">394</font></td>
	<td align="right"><font size="2">372</font></td>
	<td align="right"><font size="2">1864</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr>
	<td><font size="2"><b>OPERATING INCOME</b></font></td>
	<td align="right"><font size="2">1,015</font></td>
	<td align="right"><font size="2">1,355</font></td>
	<td align="right"><font size="2">687</font></td>
	<td align="right"><font size="2">753</font></td>
	<td align="right"><font size="2">3,198</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2"><b>FINANCIAL AND OTHER INCOME - net</b></font></td>
	<td align="right"><font size="2">1,021</font></td>
	<td align="right"><font size="2">1,653</font></td>
	<td align="right"><font size="2">303</font></td>
	<td align="right"><font size="2">863</font></td>
	<td align="right"><font size="2">3,841</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2"><b>INCOME (LOSS) BEFORE TAXES ON INCOME</b></font></td>
	<td align="right"><font size="2">2,036</font></td>
	<td align="right"><font size="2">3,008</font></td>
	<td align="right"><font size="2">990</font></td>
	<td align="right"><font size="2">1,616</font></td>
	<td align="right"><font size="2">7,039</font></td></tr>
<tr>
	<td><font size="2"><b>TAXES ON INCOME</b></font></td>
	<td align="right"><font size="2">25</font></td>
	<td align="right"><font size="2">77</font></td>
	<td align="right"><font size="2">10</font></td>
	<td align="right"><font size="2">26</font></td>
	<td align="right"><font size="2">162</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr>
	<td><font size="2"><b>NET INCOME</b></font></td>
	<td align="right"><font size="2">$2,011</font></td>
	<td align="right"><font size="2">$2,931</font></td>
	<td align="right"><font size="2">$980</font></td>
	<td align="right"><font size="2">$1,590</font></td>
	<td align="right"><font size="2">$6,877</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2"><b>EARNING PER SHARE:	</b></font></td>
	<td colspan="5"></td></tr>
<tr>
	<td><font size="2">Basic</font></td>
	<td align="right"><font size="2">$0.09</font></td>
	<td align="right"><font size="2">$0.14</font></td>
	<td align="right"><font size="2">$0.05</font></td>
	<td align="right"><font size="2">$0.08</font></td>
	<td align="right"><font size="2">$0.33</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2">Diluted</font></td>
	<td align="right"><font size="2">$0.09</font></td>
	<td align="right"><font size="2">$0.14</font></td>
	<td align="right"><font size="2">$0.05</font></td>
	<td align="right"><font size="2">$0.07</font></td>
	<td align="right"><font size="2">$0.32</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr>
	<td><font size="2"><b>WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES USED IN COMPUTATION OF EARNINGS  (LOSS) PER  ORDINARY SHARE - IN THOUSANDS:</b></font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Basic</font></td>
	<td align="right"><font size="2">21,417</font></td>
	<td align="right"><font size="2">21,040</font></td>
	<td align="right"><font size="2">21,453</font></td>
	<td align="right"><font size="2">21,0646</font></td>
	<td align="right"><font size="2">21,089</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr>
	<td><p style="margin-left:20px"><font size="2">Diluted</font></td>
	<td align="right"><font size="2">21,574</font></td>
	<td align="right"><font size="2">21,538</font></td>
	<td align="right"><font size="2">21,558</font></td>
	<td align="right"><font size="2">21,535</font></td>
	<td align="right"><font size="2">21,468</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
</table>

<p><center><font size="2">II</font></center>
<!-- _________________________________________________________________________________________________-->
<hr width="100%">
</p>

<a name="table3"></a>
<a href="#toc"><font size="1"><b>Back to top</b></font></a>

<center><h2>CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</h2></center>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
<tr>
	<td></td>
	<td align="center" colspan="2"><font size="2"><b>Six months ended June 30</b></font></td>
	<td align="center" colspan="2"><font size="2"><b>Three months ended June 30</b></font></td>
	<td align="center"><font size="2"><b>Year ended December 31,</b></font></td></tr>
<tr>
	<td></td><td align="right"><font size="2"><b>2005</b></font></td>
	<td align="right"><font size="2"><b>2004</b></font></td>
	<td align="right"><font size="2"><b>2005</b></font></td>
	<td align="right"><font size="2"><b>2004</b></font></td>
	<td align="right"><font size="2"><b>2004</b></font></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="2"><font size="2"><b>(Unaudited)</b></font></td>
	<td align="center" colspan="2"><font size="2"><b>(Unaudited)</b></font></td>
	<td align="center"><font size="2"><b>(Audited)</b></font></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="2"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="center" colspan="2"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="center"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td></td>
	<td align="center" colspan="6"><font size="2"><b>U.S. $ in thousands</b></font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2"><font size="2"><b>CASH FLOWS FROM OPERATING ACTIVITIES:</b></font></td>
	<td colspan="5"></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Net Income</font></td>
	<td align="right"><font size="2">$2,011</font></td>
	<td align="right"><font size="2">$2,931</font></td>
	<td align="right"><font size="2">$980</font></td>
	<td align="right"><font size="2">$1,590</font></td>
	<td align="right"><font size="2">$6,877</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Adjustments to reconcile net income or loss to net cash provided by or used in operating activities:</font></td>
	<td colspan="5"></td></tr>
<tr>
	<td><p style="margin-left:40px"><font size="2">Depreciation and amortization</font></td>
	<td align="right"><font size="2">338</font></td>
	<td align="right"><font size="2">348</font></td>
	<td align="right"><font size="2">158</font></td>
	<td align="right"><font size="2">161</font></td>
	<td align="right"><font size="2">680</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:40px"><font size="2">Accrued severance pay - net</font></td>
	<td align="right"><font size="2">12</font></td>
	<td align="right"><font size="2">57</font></td>
	<td align="right"><font size="2">73</font></td>
	<td align="right"><font size="2">40</font></td>
	<td align="right"><font size="2">202</font></td></tr>
<tr>
	<td><p style="margin-left:40px"><font size="2">Capital loss (gain) on sale of property and equipment - net</font></td>
	<td align="right"><font size="2">(30)</font></td>
	<td align="right"><font size="2">6</font></td>
	<td align="right"><font size="2">(7)</font></td>
	<td align="right"></td>
	<td align="right"><font size="2">(7)</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:40px"><font size="2">Changes in operating asset and liability items:</font></td>
	<td colspan="5"></td></tr>
<tr>
	<td><p style="margin-left:60px"><font size="2">Decrease (increase) in accounts receivable:</font></td>
	<td colspan="5"></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:80px"><font size="2">Trade</font></td>
	<td align="right"><font size="2">900</font></td>
	<td align="right"><font size="2">(170)</font></td>
	<td align="right"><font size="2">(738)</font></td>
	<td align="right"><font size="2">(391)</font></td>
	<td align="right"><font size="2">(1,237)</font></td></tr>
<tr>
	<td><p style="margin-left:80px"><font size="2">Interest accrued on long-term bank deposits</font></td>
	<td align="right"><font size="2">213</font></td>
	<td align="right"><font size="2">(1)</font></td>
	<td align="right"><font size="2">804</font></td>
	<td align="right"><font size="2">744</font></td>
	<td align="right"><font size="2">240</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:80px"><font size="2">Other</font></td>
	<td align="right"><font size="2">47</font></td>
	<td align="right"><font size="2">37</font></td>
	<td align="right"><font size="2">(271)</font></td>
	<td align="right"><font size="2">68</font></td>
	<td align="right"><font size="2">93</font></td></tr>
<tr>
	<td><p style="margin-left:60px"><font size="2">Increase (decrease) in accounts payable and accruals:</font></td>
	<td colspan="5"></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:80px"><font size="2">Trade</font></td>
	<td align="right"><font size="2">(128)</font></td>
	<td align="right"><font size="2">603</font></td>
	<td align="right"><font size="2">(25)</font></td>
	<td align="right"><font size="2">791</font></td>
	<td align="right"><font size="2">(252)</font></td></tr>
<tr>
	<td><p style="margin-left:80px"><font size="2">Other</font></td>
	<td align="right"><font size="2">(568)</font></td>
	<td align="right"><font size="2">722</font></td>
	<td align="right"><font size="2">(233)</font></td>
	<td align="right"><font size="2">(160)</font></td>
	<td align="right"><font size="2">1,081</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:60px"><font size="2">Increase in Inventories</font></td>
	<td align="right"><font size="2">(1)</font></td>
	<td align="right" colspan="3"></td>
	<td align="right"><font size="2">(7)</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Net cash provided by operating activities</font></td>
	<td align="right"><font size="2">2,794</font></td>
	<td align="right"><font size="2">4,533</font></td>
	<td align="right"><font size="2">741</font></td>
	<td align="right"><font size="2">2,843</font></td>
	<td align="right"><font size="2">7,670</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><b><font size="2"><font size="2">CASH FLOWS FROM INVESTING ACTIVITIES:</font></b></td>
	<td colspan="5"></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Purchase of property and equipment</font></td>
	<td align="right"><font size="2">(421)</font></td>
	<td align="right"><font size="2">(702)</font></td>
	<td align="right"><font size="2">(205)</font></td>
	<td align="right"><font size="2">(232)</font></td>
	<td align="right"><font size="2">(1,226)</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Amounts withdrawal (funded) in respect of accrued severance pay</font></td>
	<td align="right"><font size="2">41</font></td>
	<td align="right"><font size="2">(30)</font></td>
	<td align="right"><font size="2">(53)</font></td>
	<td align="right"><font size="2">(24)</font></td>
	<td align="right"><font size="2">(120)</font></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Investments in long-term bank deposits</font></td>
	<td align="right"><font size="2">(10,000)</font></td>
	<td align="right"><font size="2">(10,400)</font></td>
	<td align="right"><font size="2"></font></td>
	<td align="right"><font size="2">(10,400)</font></td>
	<td align="right"><font size="2">(40,000)</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Withdrawal of long-term bank deposits</font></td>
	<td align="right"></td>
	<td align="right"><font size="2">3,000 </font></td>
	<td align="right" colspan="2"></td>
	<td align="right"><font size="2">50,000</font></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Proceeds from sale of property and equipment</font></td>
	<td align="right"><font size="2">118</font></td>
	<td align="right"><font size="2">7</font></td>
	<td align="right"><font size="2">29</font></td>
	<td align="right"><font size="2">6</font></td>
	<td align="right"><font size="2">145</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Net cash provided by (used in) investing activities</font></td>
	<td align="right"><font size="2">(10,262)</font></td>
	<td align="right"><font size="2">(8,125)</font></td>
	<td align="right"><font size="2">(229)</font></td>
	<td align="right"><font size="2">(10,650)</font></td>
	<td align="right"><font size="2">8,799</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td><b><font size="2">CASH FLOWS FROM FINANCING ACTIVITIES - </b></font></td>
	<td colspan="5"></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Bank loans received</font></td>
	<td align="right"></td>
	<td align="right"><font size="2">10,000</font></td>
	<td align="right"></td>
	<td align="right"><font size="2">10,000</font></td>
	<td align="right"></td></tr>
<tr>
	<td><p style="margin-left:20px"><font size="2">Employee stock options exercised and paid</font></td>
	<td align="right"><font size="2">278</font></td>
	<td align="right"><font size="2">118</font></td>
	<td align="right"><font size="2">14</font></td>
	<td align="right"><font size="2">43</font></td>
	<td align="right"><font size="2">563</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><p style="margin-left:20px"><font size="2">Dividend paid</font></td>
	<td align="right"><font size="2">(5,143)</font></td>
	<td align="right"><font size="2">(2,736)</font></td>
	<td align="right"></td>
	<td align="right"></td>
	<td align="right"><font size="2">(2,736)</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><font size="2">Net cash provided by (used in) financing activities</font></td>
	<td align="right"><font size="2">(4,865)</font></td>
	<td align="right"><font size="2">7,382</font></td>
	<td align="right"><font size="2">14</font></td>
	<td align="right"><font size="2">10,043</font></td>
	<td align="right"><font size="2">(2,173)</font></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td><b><font size="2">NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS</font></b></td>
	<td align="right"><font size="2">(12,333)</font></td>
	<td align="right"><font size="2">3,7902</font></td>
	<td align="right"><font size="2">526</font></td>
	<td align="right"><font size="2">2,2363</font></td>
	<td align="right"><font size="2">14,296</font></td></tr>
<tr>
	<td><b><font size="2">BALANCE OF CASH AND CASH  EQUIVALENTS AT BEGINNING OF PERIOD</font></b></td>
	<td align="right"><font size="2">18,687</font></td>
	<td align="right"><font size="2">4,391</font></td>
	<td align="right"><font size="2">5,828</font></td>
	<td align="right"><font size="2">5,945</font></td>
	<td align="right"><font size="2">4,391</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td><b><font size="2">BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD</font></b></td>
	<td align="right"><font size="2">6,354</font></td>
	<td align="right"><font size="2">$8,181</font></td>
	<td align="right"><font size="2">6,354</font></td>
	<td align="right"><font size="2">$8,181</font></td>
	<td align="right"><font size="2">$18,687</font></td></tr>
<tr BGCOLOR="#CCEEFF">
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
<tr>
	<td></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td>
	<td align="right"><HR WIDTH="90%" SIZE="1" NOSHADE></td></tr>
</table>

<p><center><font size="2">III</font></center>
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