-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LLxKM1NLLwSmO8g/MSBRFiV9QTPg34NJp7pZvkBzsZjlT4fPYYv+c2pHMiy1bxIW
 6m/eVrnmM/SfzcfgoNZcxQ==

<SEC-DOCUMENT>0001169232-04-005874.txt : 20041123
<SEC-HEADER>0001169232-04-005874.hdr.sgml : 20041123
<ACCEPTANCE-DATETIME>20041123102855
ACCESSION NUMBER:		0001169232-04-005874
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20041122
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20041123
DATE AS OF CHANGE:		20041123

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CTI INDUSTRIES CORP
		CENTRAL INDEX KEY:			0001042187
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED RUBBER PRODUCTS, NEC [3060]
		IRS NUMBER:				362848943
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23115
		FILM NUMBER:		041162587

	BUSINESS ADDRESS:	
		STREET 1:		22160 N PEPPER RD
		CITY:			BARRINGTON
		STATE:			IL
		ZIP:			60010

	MAIL ADDRESS:	
		STREET 1:		22160 N PEPPER RD
		CITY:			BARRINGTON
		STATE:			IL
		ZIP:			60010
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d61404_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        X:\JOBS\04-61404\d04-61404.eep                                   -->
     <!-- Control Number: 04-61404                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    CTI Industries Corporation                                       -->
     <!-- Project Name:   Form Type: 8-K                                                   -->
     <!-- Firm Name:      Merrick & Klimek                                                 -->
     <TITLE>CTI Industries Corporation</TITLE>
</HEAD>
<BODY>
<BR>
<div style='width:600;'>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>UNITED
    STATES</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SECURITIES
    AND EXCHANGE COMMISSION</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Washington,
    D.C. 20549 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>FORM
    8-K</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>CURRENT
    REPORT</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>Pursuant
    to Section 13 or 15(d) of the Securities Exchange Act of 1934 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Date
    of Report (Date of earliest event reported): November 22, 2004  </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Project" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CTI
          INDUSTRIES CORPORATION<BR> (Exact     name of registrant as specified in its
charter)  </font></p>

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

<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TD WIDTH=1% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Illinois</FONT></TD>
    <TD WIDTH=1% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>0-23115</FONT></TD>
    <TD WIDTH=1% ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36-2848943</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(State
      or other jurisdiction </FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Commission
      </FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(IRS Employer
      </FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of incorporation)</FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>File Number)</FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Identification
      No.)</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2">&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2">&nbsp;</TD>
    <TD ALIGN=CENTER>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>22160
      North Pepper Road, Barrington, IL</FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>60010</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=CENTER colspan="2"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address
      of principal executive offices)</FONT></TD>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Zip Code)</FONT></TD>
  </TR>
</TABLE>


  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Registrant's
    telephone number, including area code (847) 382-1000 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font SIZE=2>N/A </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>(Former
    name or former address, if changed since last report.) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Check
    the appropriate box below if the Form 8-K is intended to simultaneously satisfy
    the filing obligation of the registrant under any of the following provisions: </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>|_|
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>|_|
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR
    240.14a-12) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>|_| Pre-commencement
    communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>|_|  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c)) </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'> </p>

<BR>

<!-- MARKER FORMAT-SHEET="Page Width End Rule" FSL="Project" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<P STYLE="page-break-after:always">
<PAGE>
<BR>

  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=2>Item
    No. 2.02 &#150; Results of Operations and Financial Condition</font></i></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>On
    November 22, 2004, CTI Industries Corporation issued a press release reporting
    earnings and other financial results for its third quarter ended September
    30, 2004. A copy of the Press Release is attached as Exhibit 99. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><i><font size=2>Item
    No. 9.01 &#150; Exhibit</font></i></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="327" style=' margin-left:.5in;border-collapse:collapse'>
    <tr>
      <td width="48" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(c) </font></p>
      </td>
      <td width="279" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The
          following exhibit is attached hereto: </font></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="306" style=' margin-left:.5in;border-collapse:collapse'>
    <tr>
      <td width="239" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Exhibit
          No.</font></u></p>
      </td>
      <td width="67" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>Exhibit</font></u></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:0.5in;text-align:left;'><font size=2>&nbsp; </font></p>
  <table  border="0" cellspacing=0 cellpadding=0 style='margin-left:.5in;border-collapse: collapse'>
    <tr>
      <td width="240" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>99 </font></p>
      </td>
      <td valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Press
          Release dated November 22, 2004, captioned: &#147;CTI Industries Corporation
          Releases Financial Results for the Third Quarter and Nine Months Ended
          September 30, 2004&#148; </font></p>
      </td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt; margin-left:3in; text-indent:-2.5in;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'> </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>2 </font></p>

<BR>
<!-- MARKER FORMAT-SHEET="Page Width End Rule" FSL="Project" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<P STYLE="page-break-after:always">
<PAGE>
<BR>

  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SIGNATURES</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.5in;text-align:left;'><font size=2>Pursuant
    to the requirements of the Securities Exchange Act of 1934, the Registrant
    has duly caused this report to be signed on its behalf by the undersigned
    hereunto duly authorized. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="297" style=' margin-left:3.0in;border-collapse:collapse'>
    <tr>
      <td  colspan="3" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>CTI
          Industries Corporation &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></u></p>
      </td>
    </tr>
    <tr >
      <td  width="96">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font>
      </td>
      <td width="95" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(Registrant) </font></p>
      </td>
      <td  width="106">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font>
      </td>
    </tr>
    <tr>
      <td width="96" ></td>
      <td width="95" ></td>
      <td width="106" ></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>

  <table border="0" cellspacing=0 cellpadding=0 width="584" style=' border-collapse:collapse'>
    <tr>
      <td width="288" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Date:</font>
        <font size=2>November
          23, 2004 </font></p>
      </td>
      <td width="48" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By: </font></p>
      </td>
      <td  colspan="2" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><u><font size=2>/s/
          Howard W. Schwan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></u></p>
      </td>
    </tr>
    <tr >
      <td   colspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font>
      </td>
      <td width="216" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Howard
          W. Schwan, President </font></p>
      </td>
      <td  width="32">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font>
      </td>
    </tr>
  </table>



  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'> </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>3 </font></p>
<BR>
<!-- MARKER FORMAT-SHEET="Page Width End Rule" FSL="Project" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>
</div>
</BODY>
</HTML>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>d61404_ex99.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        X:\JOBS\04-61404\d04-61404.eep                                   -->
     <!-- Control Number: 04-61404                                                         -->
     <!-- Rev Number:     1.0                                                              -->
     <!-- Client Name:    CTI Industries Corporation                                       -->
     <!-- Project Name:   Form Type: 8-K                                                   -->
     <!-- Firm Name:      Merrick & Klimek                                                 -->
     <TITLE>CTI Industries Corporation</TITLE>
</HEAD>
<BODY>
<div style='width:600;'>
<BR>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><i><b><font SIZE=2>EXHIBIT
    99</font></b></i></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font SIZE=3>NEWS
    RELEASE</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font SIZE=2>FOR
    FURTHER INFORMATION CONTACT </font></b><font size=2>: </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <table border="0" cellspacing=0 cellpadding=0 width="543" style=' border-collapse:collapse'>
    <tr>
      <td  colspan="2" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Stephen
          M. Merrick </font></p>
      </td>
      <td  colspan="3" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Mary
          Ellen Dammyer </font></p>
      </td>
    </tr>
    <tr >
      <td width="384" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Executive
          Vice President </font></p>
      </td>
      <td  colspan="3" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Investor
          Relations </font></p>
      </td>
      <td  width="23">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font>
      </td>
    </tr>
    <tr >
      <td width="384" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(847)
          382-1000 </font></p>
      </td>
      <td  colspan="2" valign=top >
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(847)
          382-1000 </font></p>
      </td>
      <td   colspan="2">
        <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font>
      </td>
    </tr>
    <tr>
      <td width="384" ></td>
      <td width="0" ></td>
      <td width="120" ></td>
      <td width="16" ></td>
      <td width="23" ></td>
    </tr>
  </table>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>CTI
    Industries Corporation</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Releases
    Financial Results for</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>The
    Third Quarter and Nine Months</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Ended
    September 30, 2004</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>FOR
    IMMEDIATE RELEASE </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Monday,
    November 22, 2004 </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>BARRINGTON,
    IL, November 22, 2004 &#150; CTI Industries Corporation (NASDAQ Small Cap - CTIB),
    a manufacturer and marketer of metalized balloons, latex balloons, novelty
    items and printed and laminated films, today released financial results for
    its third quarter and for the nine months ending September 30, 2004. For the
    quarter, net sales were $8,125,521 compared to net sales for the third quarter
    of 2003 of $8,428,784, a decrease of 3.6%. The Company incurred a net loss
    for the quarter of ($150,370), compared to net income of $128,740 for the
    second quarter of 2003. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Net
    loss per share basic and diluted was ($0.08) for the three months ending September
    30, 2004, compared to net income per share for the three months ending September
    30, 2003 of $0.07 basic and $0.06 diluted. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>For
    the nine month period ending September 30, 2004, net sales were $28,611,290
    compared to net sales for the same period in 2003 of $27,253,217, an increase
    of 5.0%. For the nine month period, the Company had net income of $85,850
    compared to a net loss of ($427,871) for the same period of 2003. For the
    nine month period, the Company had net income per share of $0.04 (basic and
    diluted), compared to a loss per share of ($0.29) (basic and diluted) for
    the same period last year. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&#147;Overall,
    sales for the fourth quarter and the nine months have kept pace with last
    year,&#148; reported Howard Schwan, President, &#147;although the product
    mix has changed during the year, with sales of balloons and novelty items
    increasing by 33% over sales for the nine month period of 2003 and sales of
    commercial film products declining by about 23% for that period. Most of the
    decline in commercial film products is the result of a decline in our sales
    of consumer pouches to one customer,&#148; he said.  </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>CTI
    Industries is one of the leading manufacturers and marketers of metalized
    and latex balloons and produces laminated and printed films for commercial
    uses. CTI markets its products throughout the United States and in 30 other
    countries. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>
    </font> </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>4 </font></p>



<BR>
<!-- MARKER FORMAT-SHEET="Page Width End Rule" FSL="Project" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<P STYLE="page-break-after:always">
<PAGE>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>This
    press release may contain forward-looking statements within the meaning of
    Section 17A of the Securities Act and Section 21E of the Securities Exchange
    Act. Actual results could differ materially from those projected in the forward-looking
    statements, which involve a number of risks and uncertainties, including (i)
    the risks of generating and maintaining sales in a highly competitive market,
    (ii) the ability of the Company to enter into or maintain contracts or relationships
    with customers, distributors, licensors and suppliers, (iii) manufacturing
    risks, as well as other risks and uncertainties reported by the Company in
    its SEC filings, and such statements should also be considered in conjunction
    with cautionary statements contained in the Company&#146;s most recent filing
    with the Securities and Exchange Commission on Form 10-K. </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&#150;
    FINANCIAL HIGHLIGHTS FOLLOW &#150;  </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>
    </font> </p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>5 </font></p>



<BR>
<!-- MARKER FORMAT-SHEET="Page Width End Rule" FSL="Project" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
<BR>

<P STYLE="page-break-after:always">
<PAGE>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>CTI
    INDUSTRIES CORPORATION</font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font SIZE=2>SUMMARY
    FINANCIAL INFORMATION </font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Quarter
    Ended September 30, 2004 and 2003 </font></b></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><b><font size=2>Nine
    months ended September 30, 2004 and 2003 </font></b></p>

<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consolidated
  Balance Sheets </FONT></H1>
<BR>
<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
  <TR VALIGN=Bottom>
    <TH COLSPAN=3 nowrap><font face="Times New Roman, Times, Serif" size="1"></font></TH>
    <TH COLSPAN=2 nowrap><font face="Times New Roman, Times, Serif" size="1">September
      30,<BR>
      2004 </font>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH nowrap><font size="1"></font></TH>
    <TH COLSPAN=2 nowrap><font face="Times New Roman, Times, Serif" size="1">December
      31,<BR>
      2003 </font>
      <HR SIZE=1 WIDTH=100% NOSHADE>
    </TH>
    <TH><font size="1"></font></TH>
    <TH COLSPAN=2><font size="1"></font></TH>
    <TH><font size="1"></font></TH>
    <TH COLSPAN=2><font size="1"></font></TH>
    <TH>&nbsp;</TH>
  </TR>
  <TR VALIGN=Bottom>
    <TD WIDTH=51% ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets</font></TD>
    <TD WIDTH=1% ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD WIDTH=1% ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD WIDTH=1% ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD WIDTH=8% ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"></font></TD>
    <TD WIDTH=3% ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD WIDTH=1% ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD WIDTH=8% ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"></font></TD>
    <TD WIDTH=3% ALIGN=LEFT><font size="1"></font></TD>
    <TD WIDTH=1% ALIGN=RIGHT><font size="1"></font></TD>
    <TD WIDTH=8% ALIGN=RIGHT><font size="1"></font></TD>
    <TD WIDTH=3% ALIGN=LEFT><font size="1"></font></TD>
    <TD WIDTH=1% ALIGN=RIGHT><font size="1"></font></TD>
    <TD WIDTH=8% ALIGN=RIGHT><font size="1"></font></TD>
    <TD WIDTH=2% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Current
      Assets:</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;Cash
      and cash equivalents</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 421,430</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 329,742</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;Accounts
      receivable, net</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">5,467,657</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">4,620,276</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;Inventories</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">9,388,535</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">9,263,160</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;Other
      current assets</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,394,740</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,221,386</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Total
      current assets</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">16,672,362</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">15,434,564</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD COLSPAN=15 nowrap><font size="1"></font> </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Property
      and equipment, net</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">11,272,925</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">12,207,649</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Other
      assets</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">2,402,901</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">2,627,969</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Total
      Assets</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 30,348,188</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 30,270,182</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>&nbsp; </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td colspan=4><font size="1"></font></td>
    <td>&nbsp;</td>
  </tr>
  <TR>
    <TD COLSPAN=15 nowrap><font size="1"></font> </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities
      &amp; Stockholders&#146; Equity</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Total
      current liabilities</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 16,650,928</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 16,140,080</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Long
      term debt, less current maturities</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">8,110,631</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">8,909,258</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Minority
      interest</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">10,230</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">9,263</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Stockholders&#146;
      equity</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">5,576,399</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">5,211,581</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td>&nbsp;</td>
  </tr>
  <TR>
    <TD COLSPAN=15 nowrap><font size="1"></font> </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Total
      Liabilities &amp; Stockholders&#146; Equity</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 30,348,188</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 30,270,182</font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD nowrap><font size="1"></font> </TD>
    <TD nowrap><font size="1"></font></TD>
    <TD nowrap><font size="1"></font></TD>
    <TD COLSPAN=5>
      <hr NOSHADE color=#808080 size=2>
    </TD>
    <TD><font size="1"></font></TD>
    <TD><font size="1"></font></TD>
    <TD><font size="1"></font></TD>
    <TD><font size="1"></font></TD>
    <TD><font size="1"></font></TD>
    <TD><font size="1"></font></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD COLSPAN=15 nowrap><font size="1"></font> </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, serif" size="1"><b><font size="2">Consolidated
      Statements of Operations</font></b></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font size="1"></font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <th ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <th ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center nowrap><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center colspan="5"><font face="Times New Roman, Times, Serif" size="1">Quarter
      Ended Sept 30 </font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center><font size="1" face="Times New Roman, Times, serif"></font></th>
    <th ALIGN=center colspan="4" nowrap><font size="1" face="Times New Roman, Times, serif">Nine
      months ended Sept 30 </font></th>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <th ALIGN=center nowrap><font size="1"></font></th>
    <th ALIGN=center nowrap><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center nowrap><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">2004</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">2003</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">2004</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></th>
    <th ALIGN=center><font face="Times New Roman, Times, serif" size="1">2003</font></th>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td colspan=4>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Net
      sales</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 8,125,521</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 8,428,784</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">28,611,290</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 27,253,217</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Cost
      of sales</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">6,455,743</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">6,653,397</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">22,762,114</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">21,634,749</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td colspan=4>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Gross
      profit on sales</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,669,778</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,775,387</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">5,849,176</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">5,618,469</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Operating
      expenses</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,700,293</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,553,795</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">5,286,858</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">5,644,197</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td colspan=4>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR>
    <TD COLSPAN=15 nowrap>&nbsp; </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Income
      from operations</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(30,515</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">221,592</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">562,318</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(25,729</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>

  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>

  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Other
      income (expense):</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;Interest
      expense</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(339,953</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(301,323</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(1,009,917</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(776,766</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;Other</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">129,124</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(17,248</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">618,792</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">53,157</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td colspan=4>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
  </tr>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Income
      (loss) before income taxes and minority interest</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(241,344</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(96,979</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(391,125</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(723,609</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>
  <TR>
    <TD nowrap>&nbsp; </TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
    <TD nowrap>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Income
      tax expense</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(90,850</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(226,341</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">84,279</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(321,766</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
    <td><font size="1"></font></td>
    <td colspan=4>
      <hr NOSHADE color=#808080 size=1>
    </td>
    <td><font size="1"></font></td>
  </tr>
  <TR>
    <TD COLSPAN=15 nowrap>&nbsp; </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Income
      (loss) before minority interest</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(150,494</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">129,362</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">86,914</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(427,571</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Minority
      interest in (loss) of subsidiary</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">(123</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">621</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,064</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">300</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR>
    <TD nowrap><font size="1"></font> </TD>
    <TD nowrap><font size="1"></font></TD>
    <TD nowrap><font size="1"></font></TD>
    <TD COLSPAN=5>
      <hr NOSHADE color=#808080 size=1>
    </TD>
    <TD><font size="1"></font></TD>
    <TD><font size="1"></font></TD>
    <TD COLSPAN=4>
      <hr NOSHADE color=#808080 size=1>
    </TD>
    <TD><font size="1"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Net
      income (loss)</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> (150,370</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 128,740</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">85,850</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> (427,871</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td><font size="1"></font></td>
  </tr>
  <TR>
    <TD COLSPAN=15 nowrap>&nbsp; </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Income
      (loss) applicable to common shares</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> (150,370</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 128,740</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">85,850</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> (427,871</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=LEFT nowrap>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=LEFT>&nbsp;</TD>
    <TD ALIGN=RIGHT>&nbsp;</TD>
    <TD ALIGN=RIGHT><font size="1"></font></TD>
    <TD ALIGN=LEFT><font size="1"></font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Basic
      income (loss) per common and common equivalent shares</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> (0.08</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 0.07</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">0.04</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> ( 0.22)</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td><font size="1"></font></td>
  </tr>
  <TR>
    <TD COLSPAN=15 nowrap>&nbsp; </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Diluted
      income (loss) per common and common equivalent shares</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> (0.08</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> 0.06</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">0.04</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">$</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1"> (0.29</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">)</font></TD>
  </TR>
  <tr>
    <td nowrap><font size="1"></font> </td>
    <td nowrap><font size="1"></font></td>
    <td nowrap><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td><font size="1"></font></td>
    <td colspan=5>
      <hr NOSHADE color=#808080 size=2>
    </td>
    <td>&nbsp;</td>
  </tr>
  <TR>
    <TD COLSPAN=15 nowrap>&nbsp; </TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">Weighted
      average number of shares and equivalent shares</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;of
      common stock outstanding:</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;Basic</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,932,692</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,918,420</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,918,420</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,918,420</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD nowrap><font size="1"></font> </TD>
    <TD nowrap><font size="1"></font></TD>
    <TD nowrap><font size="1"></font></TD>
    <TD COLSPAN=5>
      <hr NOSHADE color=#808080 size=2>
    </TD>
    <TD><font size="1"></font></TD>
    <TD COLSPAN=5>
      <hr NOSHADE color=#808080 size=2>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN=Bottom>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;&nbsp;&nbsp;&nbsp;Diluted</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=LEFT nowrap><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,932,692</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">2,139,754</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">2,032,665</font></TD>
    <TD ALIGN=LEFT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">&nbsp;</font></TD>
    <TD ALIGN=RIGHT><font face="Times New Roman, Times, Serif" size="1">1,918,098</font></TD>
    <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD nowrap><font size="1"></font> </TD>
    <TD nowrap><font size="1"></font></TD>
    <TD nowrap><font size="1"></font></TD>
    <TD COLSPAN=5>
      <hr NOSHADE color=#808080 size=2>
    </TD>
    <TD><font size="1"></font></TD>
    <TD COLSPAN=5>
      <hr NOSHADE color=#808080 size=2>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>

<BR>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp; </font></p>
  <p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>6  </font></p>
<BR>
<!-- MARKER FORMAT-SHEET="Page Width End Rule" FSL="Project" -->
<HR SIZE=5 COLOR=GRAY NOSHADE>
</div>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
