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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001169232-05-004293.txt : 20050822
<SEC-HEADER>0001169232-05-004293.hdr.sgml : 20050822
<ACCEPTANCE-DATETIME>20050822170140
ACCESSION NUMBER:		0001169232-05-004293
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050822
DATE AS OF CHANGE:		20050822

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:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23115
		FILM NUMBER:		051041652

	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>10-Q
<SEQUENCE>1
<FILENAME>d65043_10-q.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>

<BODY>

<div style="width:600">

<HR ALIGN="LEFT" WIDTH="100%" size="4" noshade style="margin-top: -5px">
<HR ALIGN="LEFT" WIDTH="100%" size="1" noshade style="margin-top: -10px">


<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2><B>FORM 10-Q</B></FONT></P>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2><B>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></FONT></P>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2>For the quarterly period ended June 30, 2005</FONT></P>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2>Commission File No. 000-23115</FONT></P>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2><B>CTI INDUSTRIES CORPORATION<BR>
</B>(Exact name of registrant as specified in its charter)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px" >
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="45%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Illinois</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>36-2848943</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(State or other jurisdiction of</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(I.R.S. Employer</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&#160;incorporation or
  organization)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Identification Number)</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2>22160 North Pepper Road, Barrington, Illinois
60010<BR>
(Address of principal executive offices) (Zip Code)</FONT></P>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2>(847) 382-1000<BR>
(Registrant&#146;s telephone number, including area code)</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Registrant has
filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months and has been subject to
such filing requirements for the past 90 days.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Indicate by
check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act). Yes&nbsp;&nbsp;&nbsp;  No</FONT>
<FONT SIZE=2 FACE=WINGDINGS>x</FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>APPLICABLE
ONLY TO CORPORATE ISSUERS:</B></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>COMMON STOCK,
no par value, 1,954,100 outstanding Shares, as of August 15, 2005.</FONT></P>


<HR size="1" noshade style="margin-top: -2px">
<HR size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>


<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>PART I. <U>FINANCIAL INFORMATION</U></B></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 1. <U>Financial Statements</U></B></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The following
consolidated financial statements of the Registrant are attached to this Form
10-Q:</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim
Balance Sheet as at June 30, 2005 (unaudited) and Balance Sheet as at December
31, 2004;</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim
Statements of Operations (unaudited) for the three and six months ended June
30, 2005 and June 30, 2004;</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim
Statements of Cash Flows (unaudited) for the six months ended June 30, 2005 and
June 30, 2004;</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes
to Consolidated Financial Statements.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Financial
Statements reflect all adjustments that are, in the opinion of management,
necessary for a fair statement of results for the periods presented.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 2. <U>Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations</U></B></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Results of Operations</B></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Net Sales</U>. For the three months ending June
30, 2005, net sales were $7,573,000 compared to net sales of $9,592,000 for the
same period of 2004, a decrease of 21%. For the quarters ended June 30, 2005
and 2004, net sales by product category were as follows:</FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px" >
  <TD WIDTH="67%" VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="12%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>For the
  three month period ended</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>June 30,
  2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>June 30,
  2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Laminated
  and Printed Films</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3,254,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3,615,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Metalized
  Balloons</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2,896,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4,297,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Latex
  Balloons</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,215,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,195,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Other</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>208,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>485,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>7,573,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>9,592,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=3 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>During the
three months ended June 30, 2005, sales of laminated and printed films
represented 43% of net sales, metalized balloons 38% of net sales and latex
balloons 16% of net sales. </FONT></P>

<P ALIGN=CENTER><FONT  FACE="TIMES NEW ROMAN,TIMES,SERIF" SIZE=2>2</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>During the
same period of 2004, sales of laminated and printed films represented 38% of
net sales, metalized balloons 45% of net sales and latex balloons 12% of net
sales. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>For the six
months ended June 30, 2005, net sales were $16,676,000 compared to net sales of
$20,486,000 for the same period of 2004, a decrease of 19%.&#160; For the six months ended June 30, 2005 and
2004, net sales by product category were as follows:</FONT></P>



<TABLE   BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="68%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>For the
  six month period ended</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>June 30,
  2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>June 30,
  2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Laminated
  and Printed Films</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>6,929,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>7,289,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Metalized
  Balloons</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>6,635,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>9,228,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Latex
  Balloons</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2,548,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2,880,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Other</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>564,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,089,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>16,676,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>20,486,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>During the six
months ended June 30, 2005, sales of laminated and printed films represented
42% of net sales, metalized balloons 40% of net sales and latex balloons 15% of
net sales.&#160; During the same period of
2004, sales of laminated and printed films represented 36% of net sales,
metalized balloons 45% of net sales and latex balloons 14% of net sales.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The decline in
sales of metalized balloons during the three months and the six months ended
June 30, 2005, compared to the same periods of 2004 is attributable in part to
the expiration and termination of the Company&#146;s arrangement and agreements with
Hallmark Cards on March 31, 2005.&#160; For
the six months ended June 30, 2004, sales to Hallmark Cards were $2,256,000.&#160;&#160; During the six months ended June 30, 2005,
sales to Hallmark Cards were $306,000.&#160;
The Company anticipates that during the balance of 2005, sales of
metalized balloons will continue at approximately the same rate as during the
first six months of 2005.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The decline in
sales of laminated and printed films during the three months and the six months
ended June 30, 2005 is attributable principally to the fact that ITW Space Bag
now produces certain pouches at its facility, which previously were produced by
the Company.&#160; The Company believes that
sales of laminated and printed films and pouches to its two principal customers
for this product line will continue at a similar rate during the balance of
2005.&#160; The Company has obtained new
customers in this line of products and anticipates that revenues in this line
will increase during the second half of 2005 compared to the first six months
of the year.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The sales of
latex balloons during the first six months of 2005 were consistent with sales
for the same period of 2004.&#160; The
Company anticipates an increase in sales of latex balloons during the second
half of 2005, compared to the first six months due to anticipated increases in
sales to new and existing customers. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>3</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>During June of
2005, the Company introduced a line of consumer food storage bags.&#160; No revenue from the sale of these products
was generated during the first six months of 2005.&#160; The Company anticipates generating revenue from the sale of these
products during the second half of 2005.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>During the
three months ending June 30, 2005, there were three customers whose purchases
represented more than 10% of the Company&#146;s net sales.&#160; The sales to each of these customers for the quarter ended June
30, 2005 were&#160; $1,805,000 or 24% of net
sales for the quarter, $1,219,000 or 16% of net sales and $820,000 or 11% of
net sales, respectively.&#160; Sales to these
customers in 2004 were $1,967,000 or 21% of net sales, $1,178,000 or 12% of net
sales and $1,033,000 or 11% of net sales, respectively.&#160; For the quarter ending June 30, 2005, the
total amount owed by these customers was $1,288,000, $211,000 and $473,000,
respectively.&#160; The balance owed at June
30, 2004 was $884,000, $205,000 and $779,000, respectively. During the first
six months of 2005, there were three customers whose purchases represented more
than 10% of the Company&#146;s sales. Sales to each of these customers for the six
months ended June 30, 2005 were, $4,202,000 or 25% of net sales for the six
months, $2,157,000 or 13% of net sales and $1,970,000 or 12% of net sales,
respectively.&#160; Sales to these customers
for the six months ended June 30, 2004 were $3,946,000 or 19%, $2,423,000 or
12% and $2,175,000 or 11%, respectively.&#160;&#160;
</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Cost of Sales</U>. During the three months ending
June 30, 2005, the cost of sales was consistent as compared to the same period
of 2004 at 79%.&#160; For the six months
ending June 30, 2005, the cost of sales decreased to 79% of net sales compared
to 80% for the same six month period in 2004.&#160;&#160;&#160; </FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>General and Administrative</U>. For the three
months ending June 30, 2005, general and administrative expenses were $1,021,000,
or 13% of net sales, compared to $1,175,000, or 12% of net sales for the same
period in 2004.&#160; For the six months
ended June 30, 2005, general and administrative expenses were $2,040,000, or
12% of net sales, compared to $2,164,000, or 10% of net sales, for the same
period in 2004.&#160; There were no material
changes in general and administrative expenses during the first six months of
2005 compared to the same period of the prior year.&#160; The Company expects no significant change in general and administrative
expenses during the second half of 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Selling</U>. For the three months ending June 30,
2005, selling expenses were $245,000, or 3% of net sales for the quarter,
compared to $357,000 or 4% of net sales for the second quarter of 2004. For the
six months ended June 30, 2005, selling expenses were $549,000 or 3% of net
sales for the period, compared to $747,000 or 4% of net sales for the same
period in 2004. The decrease in selling expense is attributable to reductions
in salary and royalty expenses in the metalized balloon product line.&#160; The Company expects no significant change in
selling expenses during the second half of 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Advertising
and Marketing</U>. For the three months ending June 30,
2005, advertising and marketing expenses were $213,000, or 3% of net sales for
the period, compared to $282,000 or 3% of net sales for the same period of
2004.&#160; For the six months ended June 30,
2005, advertising and marketing expenses were $437,000, or 3% of net sales for
the period, compared to $675,000, or 3% of net sales for the same period in
2004.&#160; The decrease in advertising and
marketing expense is attributable to reductions in staffing and service fees in
the metalized </FONT></P>



<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>



<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>balloon
product line. The Company expects no significant change in advertising and
marketing expenses during the second half of 2005.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Other Income (Expense)</U>. During the three
months ended June 30, 2005, the Company incurred interest expense of $282,000,
compared to interest expense incurred during the second quarter of 2004
amounting to $339,000. During the six months ended June 30, 2005, the Company
incurred interest expense $587,000 compared to interest expense incurred during
the second quarter of 2004 in the amount of $670,000. The reduction in interest
expense is a function of debt reduction.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>During the
three months ending June 30, 2005, the Company had other income items totaling
$162,000 and during the six months ending June 30, 2005 these items totaled
$221,000, consisting principally of currency valuation gains.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>During the six
months ended June 30, 2004, the Company had net other income items totaling
$490,000 substantially all of which were non-recurring items. Most of this gain
is attributable to the first quarter of 2004, relating to a review and
determination that various accrued items on the books of the Mexican
subsidiaries of the Company, CTI Mexico, S.A. de C.V. and Flexo Universal, S.A.
de C.V., are not due or payable.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Income Taxes</U> During the
three months ending June 30 2005, the Company recorded an income tax expense of
$38,000 relating to income generated in the United Kingdom during the quarter,
compared to an income tax benefit recorded for the same period of 2004 in the
amount of $58,000. For the six months ending June 30, 2005, the Company
recorded income tax expense of $34,000 attributable to earnings generated in
the United Kingdom, compared to an income tax expense for the same period of
2004 in the amount of $175,000.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Net Loss/Income</U>. For the three months ending
June 30, 2005, the Company had a net loss of $54,000, or $0.03 per share (basic
and diluted) compared to a net loss for the second quarter of 2004 of $136,000,
or $0.07 per share (basic and diluted). For the three months ending June 30,
2005, the Company had income from operations (before interest, taxes and
non-operating items) of $104,000, compared to an income from operations of
$218,000 during the second quarter of 2004.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>For the six
months ending June 30, 2005, the Company had net income of $31,000, or $0.02
per share (basic and diluted), compared to net income of $236,000 or $0.12 per
share (basic and diluted) for the six months ended June 30, 2004. Additionally,
in the first six months of the period ending June 30, 2005, the Company had
income from operations (before interest, taxes and non-operating items) of
$431,000, compared to operating income of $593,000 for the same period of 2004.
During the first six months of 2005, the Company had income from non-operating
items of $221,000, consisting of currency gains. During the first six months of
2004, the Company had non-recurring income from non-operating items of
$490,000.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>5</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Financial Condition, Liquidity and Capital Resources</B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Cash Flow Items</U>. The Company generated cash flow from
operations during the six months ended June 30, 2005 of $2,680,000, compared to
cash used in operations during the six months ended June 30, 2004 of $994,000.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Significant changes in
working capital items during the six months ended June 30, 2005 consisted of
(i) a decrease in inventory of $1,276,000, due to an effort by the Company to
decrease its investment in inventory and to minimize its distribution costs,
(ii) a decrease in receivables of $1,395,000, due primarily to the reduction in
sales and (iii) a decrease in accounts payable and accrued expenses of
$1,350,000 . We do not anticipate significant reductions in the levels of
inventory or receivables during the second half of 2005. Depreciation during
the six months ended June 30, 2005 was $790,000 and is expected to continue at
approximately that rate during the balance of the year.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Investment Activities</U>. During the six months ended June 30, 2005,
cash used in investing activities was $296,000, compared to $170,000 in the
first six months of 2004. The cash used in investing activities in the first
six months of 2005 and of 2004 was used for the purchase or improvement of
machinery and equipment.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Financing Activities</U>. For the six months ended June 30, 2005,
cash used in financing activities was $2,440,000. The use of cash was for
payments on the revolving line of credit of the Company of $1,559,000 and for
repayment of long-term debt of $819,000. Cash flow provided by financing
activities during the six months ended June 30, 2004 was $1,127,000. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Liquidity
and Capital</U> Resources.
At June 30, 2005, the Company had a cash balance of $384,000. The Company&#146;s
current cash management strategy includes maintaining minimal cash balances and
utilizing the Company&#146;s revolving line of credit for liquidity. Payment on the
Company&#146;s bank line of credit during the first six months of 2005 reflected
reduced availability arising from the reduction in receivables and inventory
during the period. Under the terms of the Company&#146;s revolving line of credit,
the bank advances up to 85% of eligible receivables and 50% of eligible
inventory. During the second quarter of 2005, the Company&#146;s advances under its
line of credit exceeded the amount available under these terms. Accordingly,
the bank agreed to convert such excess amount ($600,000) to a term loan payable
by the Company over a period of six months. Principals of the Company secured
the amount of this term loan with marketable securities and real estate
interests.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>At June 30, 2005, the
Company had a working capital deficit of $2,155,000 compared to a working
capital deficit of $2,790,000 at December 31, 2004. The decrease in the working
capital deficit is attributable principally to reduction during the first six
months of 2005 in the balances of the bank line of credit and trade payables,
offset partially by reductions in inventory and receivables. The Company
believes that existing capital resources and cash generated from operations
will be sufficient to meet the Company&#146;s requirements for at least the next 12
months. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Certain terms
of the loan agreement require the Company to maintain a specified level of
tangible net worth and a ratio of EBITDA to fixed charges. As of June 30, 2005,
the Company was in compliance with this covenant.</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>6</FONT></P>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Seasonality</U></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>In the
metalized balloon product line, sales have historically been seasonal, with
approximately 22% to 25% of annual sales of metalized balloons being generated
in December and January and 11% to 13% of annual metalized sales being
generated in September and July in recent years. With the inclusion of a new
major customer in metalized balloons and with sales that are not expected to be
seasonal, we expect this seasonal effect to be reduced. In addition, the sale
of latex balloons and laminated film products have not historically been
seasonal. As sales of latex balloons and laminated film products have increased
in relation to sales of metalized balloons, the effect of this seasonality has
been reduced.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Critical Accounting Policies</U></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>A summary of our
critical accounting policies and estimates is presented on pages 25 and 26 of
our 2004 Annual Report on Form 10-K, as filed with the Securities and Exchange
Commission. </FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><U>Safe Harbor Provision of the Private
Securities Litigation Act of 1995 and Forward Looking Statements.</U></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Company
operates in a dynamic and rapidly changing environment that involves numerous
risks and uncertainties. The market for metalized and latex balloon products is
generally characterized by intense competition, frequent new product
introductions and changes in customer tastes that can render existing products
unmarketable. The statements contained in Item 2 (Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation) that are not
historical facts may be forward-looking statements (as such term is defined in
the rules promulgated pursuant to the Securities Exchange Act of 1934) that are
subject to a variety of risks and uncertainties more fully described in the
Company&#146;s filings with the Securities and Exchange Commission. The
forward-looking statements are based on the beliefs of the Company&#146;s
management, as well as assumptions made by, and information currently available
to the Company&#146;s management. Accordingly, these statements are subject to
significant risks, uncertainties and contingencies which could cause the
Company&#146;s actual growth, results, performance and business prospects and
opportunities in 2005 and beyond to differ materially from those expressed in,
or implied by, any such forward-looking statements. Wherever possible, words
such as &#147;anticipate,&#148; &#147;plan,&#148; &#147;expect,&#148; &#147;believe,&#148; &#147;estimate,&#148; and similar
expressions have been used to identify these forward-looking statements, but
are not the exclusive means of identifying such statements. These risks,
uncertainties and contingencies include, but are not limited to, competition
from, among others, national and regional balloon, packaging and custom film
product manufacturers and sellers that have greater financial, technical and
marketing resources and distribution capabilities than the Company, the
availability of sufficient capital, the maturation and success of the Company&#146;s
strategy to develop, market and sell its products, risks inherent in conducting
international business, risks associated with securing licenses, changes in the
Company&#146;s product mix and pricing, the effectiveness of the Company&#146;s efforts
to control operating expenses, general economic and business conditions
affecting the Company and its customers in the United States and other
countries in which the Company sells and anticipates selling its products and
services and the Company&#146;s ability to (i) adjust to changes in technology,
customer preferences, enhanced competition and new competitors; (ii) protect
its intellectual property rights from infringement or misappropriation; (iii)
maintain or enhance its relationships with other businesses and vendors; and
(iv) attract and retain key employees. There can be no assurance that the
Company will be</FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2>7</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>able to
identify, develop, market, sell or support new products successfully, that any
such new products will gain market acceptance, or that the Company will be able
to respond effectively to changes in customer preferences. There can be no
assurance that the Company will not encounter technical or other difficulties
that could delay introduction of new or updated products in the future. If the
Company is unable to introduce new products and respond to industry changes or
customer preferences on a timely basis, its business could be materially
adversely affected. The Company is not obligated to update or revise these
forward-looking statements to reflect new events or circumstances.</FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 3.<U>Quantitative and Qualitative Disclosures Regarding
Market Risk</U></B></FONT></P>

<P ALIGN=JUSTIFY><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Company is exposed to
various market risks, primarily foreign currency risks and interest rate risks.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Company&#146;s earnings are
affected by changes in interest rates as a result of variable rate
indebtedness. If market interest rates for our variable rate indebtedness
average 1% more than the interest rate actually paid for the second quarter
ending June 30, 2005 and 2004, our interest rate expense would have increased,
and income after income taxes would have decreased by $10,634 and $13,440 for
these quarters, respectively. These amounts are determined by considering the
impact of the hypothetical interest rates on our borrowings. This analysis does
not consider the effects of the reduced level of overall economic activity that
could exist in such an environment. Further, in the event of a change of such
magnitude, management would likely take actions to reduce our exposure to such
change. However, due to the uncertainty of the specific actions we would take
and their possible effects, the sensitivity analysis assumes no change in our financial
structure.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Company&#146;s earnings and
cash flows are subject to fluctuations due to changes in foreign currency
rates, particularly the Mexican peso and the British pound, as the Company
produces and sells products in Mexico for sale in the United States and other
countries and the Company&#146;s UK subsidiary purchases balloon products from the
Company in dollars. Also, the Mexican subsidiary purchases goods from external
sources in U.S. dollars and is affected by currency fluctuations in those transactions.
Substantially all of the Company&#146;s purchases and sales of goods for its
operations in the United States are done in U.S. dollars. However, the
Company&#146;s level of sales in other countries may be affected by currency
fluctuations. As a result, exchange rate fluctuations may have an effect on
sales and gross margins. Accounting practices require that the Company&#146;s
results from operations be converted to U.S. dollars for reporting purposes.
Consequently, the reported earnings of the Company in future periods may be
affected by fluctuations in currency exchange rates, generally increasing with
a weaker U.S. dollar and decreasing with a strengthening U.S. dollar. To date,
we have not entered into any transactions to hedge against currency fluctuation
results.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>We have performed a sensitivity
analysis as of June 30, 2005 that measures the change in the results of our
foreign operations arising from a hypothetical 10% adverse movement in the
exchange rate of all of the currencies the Company presently has operations in.
Using the results of operations for the second quarter of 2005 and 2004 for the
Company&#146;s foreign operations as a basis for comparison, an adverse movement of
10% would create a potential reduction in the</FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>8</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>



<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Company&#146;s net
income, or increase its net loss before taxes, in the amount of $56,288 and
$57,719, for each of those quarters, respectively.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Company is
also exposed to market risk in changes in commodity prices in some of the raw
materials it purchases for its manufacturing needs. However, this presents a
risk that would not have a material effect on the Company&#146;s results of
operations or financial condition. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 4. <U>Controls and Procedures</U></B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(a) Evaluation
of disclosure controls and procedures. Our principal executive officer and
principal financial officer have reviewed and evaluated the effectiveness of
the Company&#146;s disclosure controls and procedures as of June 30, 2005. Based on
such review and evalution, our chief executive officer and chief financial
officer have concluded that, as of such date our disclosure controls and
procedures were adequate and effective to ensure that the information required
to be disclosed by the Company in the reports it files or submits under the
Securities Exchange Act of 1934, as amended (a) is recorded, processed,
summarized and reported within the time period specified in the SEC&#146;s rules and
forms and (b) is accumulated and communicated to the Company&#146;s management,
including the officers, as appropriate to allow timely decisions regarding
required disclosure.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(b) Changes in
internal controls. There were no significant changes in our internal controls
or in other factors that could significantly affect the Company&#146;s disclosure
controls and procedures subsequent to the date of their evaluation, nor were
there any significant deficiencies or material weaknesses in the Company&#146;s
internal controls. As a result, no corrective actions were required or
undertaken. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B><U>Part II.</U></B><U>
<B>OTHER
INFORMATION</B></U></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 1. <U>Legal
Proceedings</U></B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>On September
5, 2003, Airgas, Inc., Airgas-Southwest, Inc., Airgas-South, Inc. and
Airgas-East, Inc. filed a joint action against CTI Industries Corporation for
claimed breach of contract in the Circuit Court of Lake County, Illinois
claiming as damages the aggregate amount of $162,242. The Company filed an
answer denying the material claims of the complaint, affirmative defenses and a
counterclaim. In the action, the plaintiffs claimed that CTI Industries
Corporation owed them certain sums for (i) helium sold and delivered, (ii)
rental charges with respect to helium tanks and (iii) replacement charges for
tanks claimed to have been lost. On November 2, 2004, this matter was settled.
The amount agreed to be paid by the Company in settlement totaled $100,000. The
first payment of $50,000 was paid on November 15, 2004. The balance of $50,000
was paid in five consecutive $10,000 monthly installments. Final payment was
made in May, 2005.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>On June 4,
2004, Spar Group, Inc. initiated an arbitration proceeding in New York City
against the Company. In the proceeding, Spar Group claimed that there was due
from the Company to Spar Group a sum for services rendered in the amount of
$180,043, plus interest. Spar Group claimed to have rendered services to the
Company in various Eckerd stores with respect to the display and ordering of
metalized and latex balloons for sale in those stores. The Company filed </FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2>9</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>
<BR>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>an answer
denying liability with respect to the claim and asserted a counterclaim for
damages against Spar Group for breach of its agreement to provide such
services. On January 13, 2005, this matter was settled. The amount agreed to be
paid by the Company in settlement totaled $100,000. The first payment of
$30,000 was paid on February 1, 2005. The balance of $70,000 is payable in
seven consecutive $10,000 monthly installments, which commenced on March 1,
2005. The settlement amount was fully accrued as of December 31, 2004. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>In addition,
the Company is also party to certain lawsuits arising in the normal course of
business. The ultimate outcome of these matters is unknown, but in the opinion
of management, we do not believe any of these proceedings will have,
individually or in the aggregate, a material adverse effect upon our financial
condition or future results of operation.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 2.</B>
<B><U>Unregistered
Sales of Equity Securities and Use of Proceeds</U></B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Not
applicable.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 3. <U>Defaults
Upon Senior Securities</U></B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Not
applicable.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 4. <U>Submission
of Matters to a Vote of Security Holders</U></B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Not
applicable.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 5. <U>Other Information</U></B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Certifications
of the Chief Executive Officer and the Chief Financial Officer of Registrant
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached as
Exhibits to this Report on Form 10-Q. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Item 6. <U>Exhibits</U></B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The following are being filed
as exhibits to this report:*</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>&nbsp;</FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>10</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P>

<PAGE><BR>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="6%" VALIGN=TOP>
  &nbsp;
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  &nbsp;
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
&nbsp;
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1><B>Exhibit No.</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD  VALIGN=bottom>
  <P ALIGN=CENTER><FONT SIZE=1><B>Description</B></FONT></P>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Third
  Restated Certificate of Incorporation of CTI Industries Corporation
  (incorporated by reference to Exhibit A contained in Registrant&#146;s Schedule
  14A Definitive Proxy Statement for solicitation of written consent of
  shareholders, as filed with Commission on October 25, 1999)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>By-laws of
  CTI Industries Corporation (incorporated by reference to Exhibits, contained
  in Registrant&#146;s Form SB-2 Registration Statement (File No. 333-31969)
  effective November 5, 1997)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>10.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Standby
  Equity Distribution Agreement dated July 1, 2004, between the Company and
  Cornell Capital Partners, LP</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>31.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Sarbanes-Oxley
  Act Section 302 Certifications for Howard W. Schwan</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>31.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Sarbanes-Oxley
  Act Section 302 Certification for Stephen M. Merrick</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>32.1</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Sarbanes-Oxley
  Act Section 906 Certification for Stephen M. Merrick, Chief Financial Officer</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>32.2</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Sarbanes-Oxley
  Act Section 906 Certification for Howard W. Schwan, Chief Executive Officer</FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>* Also
incorporated by reference the Exhibits filed as part of the SB-2 Registration
Statement of the Registrant, effective November 5, 1997, and subsequent
periodic filings.&#160; </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>11</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P ALIGN=CENTER><FONT  SIZE=2><B>SIGNATURES</B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Pursuant to
the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.</FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="44%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="40%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Dated:
  August 21, 2005</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>CTI INDUSTRIES CORPORATION</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>By:</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>/s/ Howard
  W. Schwan</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="65%" NOSHADE  ALIGN=LEFT>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Howard W.
  Schwan, President</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>By:</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>/s/ Stephen
  M. Merrick</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="65%" NOSHADE  ALIGN=LEFT>

  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Stephen M. Merrick</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Executive Vice President and </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Chief Financial Officer</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>12</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P>

<PAGE><BR>



<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2><B>CTI Industries Corporation and
Subsidiaries<BR>
Consolidated Balance Sheets</B></FONT></P>

<table align=CENTER  border=0 cellspacing=0 cellpadding=0 width="600">
  <tr style="font-size:1px">
    <td width="62%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="12%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="13%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1><b>June
        30, 2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1><b>December
        31, 2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1><b>(Unaudited)</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>ASSETS</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>Current assets:</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Cash</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>383,896</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>526,470
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Accounts
        receivable, (less allowance for doubtful accounts of $352,000 and $404,000
        respectively)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>4,668,379</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>6,123,137
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Inventories,
        net</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>6,982,497</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>8,348,494
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Prepaid
        expenses and other current assets</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>520,023</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>646,805
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Total
        current assets</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>12,554,795</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>15,644,906
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>Property, plant and
        equipment:</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Machinery
        and equipment</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>18,599,363</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>18,451,428
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Building</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,602,922</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,614,271
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Office
        furniture and equipment</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,961,488</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,926,371
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Land</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>250,000</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>250,000
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Leasehold
        improvements</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>658,566</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>640,428
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Fixtures
        and equipment at customer locations</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,330,483</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,286,814
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Projects
        under construction</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>90,798</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>55,650
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>26,493,620</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>26,224,962
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Less
        : accumulated depreciation and amortization</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(16,398,963</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(15,636,451</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Total
        property, plant and equipment, net</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>10,094,657</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>10,588,511
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>Other assets:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Deferred
        financing costs, net</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>104,664</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>120,375
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Goodwill</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,113,108</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,113,108
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Net
        deferred income tax asset</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>118,586</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>175,288
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Other
        assets</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>57,943</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>245,376
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>Total
        other assets</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,394,301</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,654,147
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>TOTAL ASSETS</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>24,043,753</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>27,887,564
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  colspan="7" valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>See accompanying notes
        to condensed consolidated unaudited statements</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>LIABILITIES
        AND STOCKHOLDERS&#146; EQUITY</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Checks
        written in excess of bank balance</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>308,974</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>513,417
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Trade
        payables</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>5,355,759</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>6,147,969
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Line
        of credit</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>4,808,141</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>6,401,225
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Notes
        payable - current portion (related party $60,000 and $60,000)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,926,219</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>3,560,669
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Accrued
        liabilities</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,252,643</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,811,775
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Total
        current liabilities</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>14,651,736</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>18,435,055
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>Long-term liabilities:</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Other
        liabilities (related parties $547,000 and $517,000)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,425,949</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>1,371,364
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Notes
        payable</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,835,001</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,864,129
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Notes
        payable - officers</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,225,024</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,255,616
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Total
        long-term liabilities</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>6,485,974</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>6,491,109
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Minority
        interest</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>11,368</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>10,230
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Commitments
        and contingency</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Stockholders&#146;
        equity:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Preferred
        Stock - no par value, 2,000,000 shares authorized, 0 shares issued and
        outstanding</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Common
        stock - no par value, 5,000,000 shares authorized, 2,185,896 and 2,185,896
        shares issued, 1,954,100 and 1,954,100 shares outstanding, respectively</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>3,764,020</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>3,764,020
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Class
        B Common stock - no par value, 500,000 shares authorized, 0 shares issued
        and outstanding</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Paid-in-capital</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>5,615,411</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>5,615,411
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Warrants
        issued in connection with subordinated debt and bank debt</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>595,174</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>595,174
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Accumulated
        deficit</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(5,976,565</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(6,007,437</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Accumulated
        other comprehensive loss</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(164,251</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(76,884</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Less:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Treasury
        stock - 231,796 shares</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(939,114</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>(939,114</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"     size=2>Total
        stockholders&#146; equity</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,894,675</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>2,951,170
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>TOTAL LIABILITIES
        &amp; STOCKHOLDERS&#146; EQUITY</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>24,043,753</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>27,887,564
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  colspan="7" valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=2>See accompanying notes
        to condensed consolidated unaudited statements</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"  size=1>&nbsp;</font></p>
    </td>
  </tr>
</table>


<P ALIGN=CENTER><FONT  SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>



<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>CTI
Industries Corporation and Subsidiaries<BR>
Consolidated Statements of Operations (unaudited)</B></FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width=600>
  <tr style="font-size:1px">
    <td width="38%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="9%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="9%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="10%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="10%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>Three
        Months Ended June 30,</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>Six
        Months Ending June 30</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Net Sales</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>7,572,626</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>9,591,785</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>16,675,953</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>20,485,769
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Cost of Sales</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>5,989,672</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>7,559,756</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>13,219,006</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>16,306,371
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font    size=2>Gross
        profit</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,582,954</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,032,029</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>3,456,947</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>4,179,398
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Operating expenses:</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>General
        and administrative</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,021,056</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,175,277</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,040,059</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,163,790
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Selling</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>244,885</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>356,731</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>549,166</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>747,287
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Advertising
        and marketing</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>212,611</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>282,005</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>436,607</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>675,489
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font    size=2>Total
        operating expenses</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,478,552</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,814,013</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>3,025,832</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>3,586,566
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Income from operations</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>104,402</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>218,016</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>431,115</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>592,832
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Other (expense) income:</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Interest
        expense</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(281,727</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(338,828</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(587,107</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(669,964</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Gain
        on sale of assets</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>15,024</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>15,024
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Foreign
        currency gain (loss)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">162,072</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(12,914</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">220,651</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>63,841
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Other
        (loss) gain</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(76,094</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>410,802
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font    size=2>Total
        other expense</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(119,655</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(412,812</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(366,456</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(180,297</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font    size=2>Income
        (loss) before income taxes and minority interest</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">(15,253</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(194,796</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">64,659</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>412,535
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Income tax expense
        (benefit)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>38,191</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(58,327</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>33,712</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>175,129
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(Loss) income before
        minority interest</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(53,444</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(136,469</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,947</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>237,406
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font    size=2>Minority
        interest in (income) loss of subsidiary</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>171</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(789</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>75</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,187 </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font    size=2>Net
        (loss) income</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>236,219
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font    size=2>(Loss)
        income applicable to common shares</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>236,219
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font    size=2>Basic
        (loss) income per common share</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.12 </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font    size=2>Diluted
        (loss) income per common share</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.12 </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font    size=2>Weighted
        average number of shares and equivalent shares of common stock outstanding:</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Basic</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font    size=2>Diluted</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,974,222</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,032,665
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
</table>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>See
accompanying notes to condensed consolidated unaudited statements</FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>14</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-after: ALWAYS'></P>


<PAGE><BR>


<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>CTI Industries Corporation and Subsidiaries<BR>

Consolidated Statements of Cash Flows</B></FONT></P>



<table border=0 cellspacing=0 cellpadding=0 width="600">
  <tr style="font-size:1px">
    <td width="64%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="11%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="12%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>For
        the six Months Ended June 30,</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=TOP>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=TOP>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  colspan="2" valign=TOP>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Cash
        flow from operating activities:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Net
        income</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>236,220
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Adjustment
        to reconcile net income to cash provided by (used in) operating activities:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Depreciation
        and amortization</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>789,928</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>909,605
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Deferred
        gain on sale/leaseback</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(15,024</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Amortization
        of debt discount</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>25,149</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>125,746
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Minority
        interest in income of subsidiary</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>171</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>967 </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Provision
        for losses on accounts receivable</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>60,000</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>90,000
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Provision
        for losses on inventories</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>90,000</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>115,000
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Deferred
        income taxes</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>33,712</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>175,129
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Change
        in operating assets and liabilities:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Accounts
        receivable</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,394,758</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(937,381</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Inventories</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,275,996</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(240,375</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Current
        and other assets</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>329,926</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(156,246</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Trade
        payables, accrued and other liabilities</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(1,350,376</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(1,297,813</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:34.55PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Net
        cash provided by (used in) operating activities</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,680,136</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(994,172</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Cash
        flow from investing activities:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Purchases
        of property, plant and equipment</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(296,073</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(171,875</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Proceeds
        from sale of property and equipment</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,225 </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Net
        cash used in investing activities</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(296,073</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(169,650</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Cash
        flows from financing activities:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Checks
        written in excess of bank balance</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(204,443</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>389,921
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Net
        change in revolving line of credit</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(1,558,825</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,301,280
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Proceeds
        from issuance of long-term debt</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">142,915</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>71,270
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Repayment
        of long-term debt (related party $30,000 and $30,000)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(818,918</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(1,635,559</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>Net
        cash (used in) provided by financing activities</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(2,439,271</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,126,912
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:.6IN;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Effect
        of exchange rate changes on cash</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(87,366</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>128,598
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Net
        (decrease) increase in cash</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(142,574</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>91,688
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Cash
        at beginning of period</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>526,470</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>329,742
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Cash
        at end of period</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>383,896</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>421,430
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr style='DISPLAY:NONE'>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  colspan="7" valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>See
        accompanying notes to condensed consolidated unaudited statements</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Supplemental
        disclosure of cash flow information:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Cash
        payments for interest</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>508,611</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>618,871
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Cash
        payments for taxes</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Supplemental
        disclosure of non-cash activity:</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Settlement
        of liability with third party</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr bgcolor="#EAF9E8">
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>via
        ownership transfer of long-term asset</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>241,268</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
</table>

<P ALIGN=CENTER><FONT  SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER:ALWAYS'></P><PAGE><BR>




<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>CTI
Industries Corporation and Subsidiaries<BR>
Consolidated Earnings per Share (unaudited)</B></FONT></P>

<table align=CENTER  border=0 cellspacing=0 cellpadding=0 width="600">
  <tr style="font-size:1px">
    <td width="38%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="10%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="10%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="10%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="10%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>Three
        Months Ended June 30,</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>Six
        Months Ended June 30,</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1><b>2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2><b>Basic</b></font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Weighted
        average number of shares of common stock outstanding during the period</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Net
        (loss) income</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>236,219
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Amount
        for per share computation</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>236,219
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Per
        share amount</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.12 </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2><b>Diluted</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Weighted
        average number of shares of common stock outstanding during the period</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Net
        additional shares assuming stock options and warrants exercised and proceeds
        used to purchase treasury stock</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>&#151;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>20,122</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>114,245
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Weighted
        average number of shares and equivalent shares of common stock outstanding
        during the period</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,954,100</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,918,420</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>1,974,222</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>2,032,665
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Net
        (loss) income</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>236,219
        </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Amount
        for per share computation</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>236,219
        </font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"    size=2>Per
        share amount</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size=2>0.12 </font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=2 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF" size=1>&nbsp;</font></p>
    </td>
  </tr>
</table>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>See accompanying
notes to consolidated unaudited statements</FONT></P>
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>




<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>CTI Industries
Corporation and Subsidiaries Notes to <BR>
Unaudited Condensed Consolidated Financial Statements </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2><B>Note 1 - Basis of Presentation </B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>The
accompanying financial statements are unaudited but in the opinion of
management contain all the adjustments (consisting of those of a normal
recurring nature) considered necessary to present fairly the financial position
and the results of operations and cash flows for the periods presented in
conformity with generally accepted accounting principles for interim financial
information and the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all the information and footnotes required by
accounting principles generally accepted in the United States of America for
complete financial statements.
Operating results for the six months ended June 30, 2005 are not
necessarily indicative of the results that may be expected for the fiscal year
ending December 31, 2005. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company&#146;s annual
report on Form 10-K for the fiscal year ended December 31, 2004. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>Principles of
consolidation and nature of operations: </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>The
consolidated financial statements include the accounts of (&#147;CTI-US&#148;) and its
wholly-owned subsidiaries, CTI Balloons Limited and CTF International S.A. de
C.V., as well as its majority-owned subsidiaries CTI Mexico S.A. de C.V., and
Flexo Universal, S.A. de C.V.  (the
&#147;Company&#148;).   All significant
intercompany transactions and accounts have been eliminated in consolidation.
The Company (i) designs, manufactures and distributes balloon products
throughout the world and (ii) operates systems for the production, lamination,
coating and printing of films used for food packaging and other commercial uses
and for conversion of films to flexible packaging containers and other
products. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>Use of
estimates: </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>In preparing
financial statements in conformity with accounting principles generally
accepted in the United States of America, management makes estimates and
assumptions that affect the amounts reported of the assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amount of revenue and expenses during the reporting
period in the financial statements and accompanying notes.  Actual results may differ from those
estimates.  The company&#146;s significant
estimates include reserves for doubtful accounts, reserves for the lower of
cost or market of inventory and recovery value of goodwill.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>Stock-Based
Compensation </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>As of June 30,
2005, the Company had four stock-based compensation plans. The Company accounts
for those plans under the recognition and measurement principles of APB Opinion
No. 25, &#147;Accounting for Stock Issued to Employees&#148; and related interpretations.
The Company recognizes compensation cost for stock-based compensation awards
equal to the difference between the quoted market price of the stock at the
date of grant or award and the price to be paid by the employee upon exercise
in accordance with the provisions of APB No. 25. Based </FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"    SIZE=2>17</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>upon the terms
of Company&#146;s current stock option plans, the stock price on the date of grant
and price paid upon exercise are the same. Accordingly, no stock-based employee
compensation cost has been recognized, as all options granted under those plans
had an exercise price equal to the market value of the underlying common stock
on the date of grant.  No stock options
were granted during the three or six months ended June 30, 2005 or 2004.  The Company has adopted the disclosure
provisions of Statement of Financial Accounting Standards (&#147;SFAS&#148;) No 148,
&#147;Accounting for Stock-Based Compensation-Transition and Disclosure&#148;, an
amendment of SFAS Statement No. 123 (&#147;SFAS No. 148&#148;).  The following table illustrates the effect on net income and
earnings per share had compensation cost for all of the stock-based
compensation plans been determined based on the grant date fair value of
awards.</FONT></P>

<table align=CENTER  border=0 cellspacing=0 cellpadding=0 width="600">
  <tr style="font-size:1px">
    <td width="48%" valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="7%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="8%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="7%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="3%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
    <td width="7%" valign=BOTTOM>
      <p align=RIGHT>&nbsp;</p>
    </td>
    <td width="1%" valign=BOTTOM>
      <p>&nbsp;</p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1><b>For
        the Three Months<br>
        Ending June 30,</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="5" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1><b>For
        the Six Months<br>
        Ending June 30,</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1><b>2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1><b>2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1><b>2005</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1><b>2004</b></font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=CENTER><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  colspan="2" valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Net
        (Loss) Income:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Reported</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>$</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>236,219</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Deduct
        total stock-based employee compensation expense determined under fair
        value based method for all awards, net of related tax effects</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <hr size=1 width="100%" NOSHADE  align=CENTER>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Proforma
        net (loss) income</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(53,615</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(135,680</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">30,872</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>236,219</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Net
        (loss) income per share:</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Basic
        - As reported</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.12</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Basic
        &#150; Proforma</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.12</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM>
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Diluted
        &#150; As reported</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM>
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.12</font></p>
    </td>
    <td  valign=BOTTOM>
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
  <tr>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face="TIMES NEW ROMAN, TIMES, SERIF"      size=2>Diluted
        &#150; Proforma</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.03</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>(0.07</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>)</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.02</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p align=RIGHT><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=2>0.12</font></p>
    </td>
    <td  valign=BOTTOM bgcolor="#EAF9E8">
      <p><font face="TIMES NEW ROMAN, TIMES, SERIF"   size=1>&nbsp;</font></p>
    </td>
  </tr>
</table>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2><B>Note 2 - Legal Proceedings</B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>On September 5, 2003, Airgas,
Inc., Airgas-Southwest, Inc., Airgas-South, Inc. and Airgas-East, Inc. filed a
joint action against CTI Industries Corporation for claimed breach of contract
in the Circuit Court of Lake County, Illinois claiming as damages the aggregate
amount of $162,242. The Company filed an answer denying the material claims of
the complaint, affirmative defenses and a counterclaim. In the action, the
plaintiffs claimed that CTI Industries Corporation owed them certain sums for
(i) helium sold and delivered, (ii) rental charges with respect to helium tanks
and (iii) replacement charges for tanks claimed to have been lost. On November
2, 2004, </FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"   SIZE=2>18</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>



<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>this matter
was settled.&#160; The amount agreed to be
paid by the Company in settlement totaled $100,000.&#160; The first payment of $50,000 was paid on November 15, 2004.&#160; The
balance of $50,000 was paid in five
consecutive $10,000 monthly installments.&#160;
This amount was fully accrued as of the settlement date.&#160; Final payment was May, 2005.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>On June 4,
2004, Spar Group, Inc. initiated an arbitration proceeding in New York City
against the Company.&#160; In the proceeding,
Spar Group claimed that there was due from the Company to Spar Group a sum for
services rendered in the amount of $180,043, plus interest. Spar Group claimed
to have rendered services to the Company in various Eckerd stores with respect
to the display and ordering of metalized and latex balloons for sale in those
stores.&#160; The Company&#160; filed an answer denying liability with
respect to the claim and asserted a counterclaim for damages against Spar Group
for breach of its agreement to provide such services.&#160; On January 13, 2005, this matter was settled.&#160; The amount agreed to
be paid by the Company
in settlement totaled $100,000.&#160; The
first payment of $30,000 was paid on February 1, 2005.&#160; The balance of $70,000 is payable in seven consecutive
$10,000 monthly installments, which commenced on March 1, 2005.&#160; The settlement amount was fully accrued as
of December 31, 2004. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>In addition, the Company is
party to certain lawsuits arising in the normal course of business. The
ultimate outcome of these matters is unknown but, in the opinion of management,
the settlement of these matters is not expected to have a significant effect on
the future financial position or results of operations of the Company. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Note 3 &#150; Comprehensive (Loss) Income </B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Other comprehensive (loss)
income comprised of (loss) income from foreign currency translation amounted to
$71,384 and ($46,029) for the three months ending June 30, 2005 and 2004,
respectively.&#160; Other comprehensive
(loss) income comprised of (loss) income from foreign currency translation amounting
to $87,367 and ($128,598) for the six months ending June 30, 2005 and 2004,
respectively. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Note 4 &#150; Inventories, net</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="65%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=RIGHT>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>June 30,
  2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM NOWRAP>
  <P ALIGN=CENTER><FONT SIZE=1><B>December
  31, 2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Raw materials</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,340,296</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>888,644</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Work in process</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>641,184</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>806,495</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Finished goods</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5,250,222</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>6,840,068</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Allowance, excess
  quantities</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(249,205</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(186,713</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Inventories, net</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>6,982,497</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>8,348,494</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>19</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>


<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Note 5 &#150; Geographic Segment Data </B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Company has determined
that it operates primarily in one business segment which designs, manufactures,
and distributes film products for use in packaging and novelty balloon
products. The Company operates in foreign and domestic regions. Information
about the Company&#146;s operations by geographic areas is as follows. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>&nbsp;</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR style="font-size:1px">
  <TD WIDTH="33%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="10%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="11%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Net Sales<BR>
  For the Three Months Ended June 30</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Net Sales<BR>
  For the Six Months Ended June 30,</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2005</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>2004</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>United States</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5,931,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>8,403,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>13,158,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>17,674,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Mexico</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,026,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>539,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2,132,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,411,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>United Kingdom</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>616,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>650,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,386,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,401,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>7,573,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>9,592,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>16,676,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>20,486,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="400">
 <TR style="font-size:1px">
  <TD WIDTH="49%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="17%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="1%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="16%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="2%" VALIGN=BOTTOM>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="5" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>Total
  Assets at</B></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>June 30,</B><FONT    SIZE=1><B><BR>
  2005</B></FONT></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1><B>December
  31,</B><FONT SIZE=1><B><BR>
  2004</B></FONT></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>United States</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>21,343,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>24,072,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Mexico</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4,772,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5,319,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>United Kingdom</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,720,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1,989,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Eliminations</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(3,791,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(3,492,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>)</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>24,044,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>$</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P ALIGN=RIGHT><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>27,888,000</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM BGCOLOR="#EAF9E8">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=2 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT  SIZE=2>20</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>



<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Note 6 &#150; Concentration of Credit Risk </B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Concentration
of credit risk with respect to trade accounts receivable is generally limited
due to the number of entities comprising the Company&#146;s customer base. The
Company performs ongoing credit evaluations and provides an allowance for
potential credit losses against the portion of accounts receivable which is
estimated to be uncollectable. Such losses have historically been within
management&#146;s expectations.&#160; During the
three months ending June 30, 2005, there were three customers whose purchases
represented more than 10% of the Company&#146;s sales.&#160; The sales to each of these customers for the quarter ended June
30, 2005 were&#160;&#160; $1,805,000 or 24% of net
sales , $1,219,000 or 16% of net sales and $820,000 or 11% of net sales,
respectively.&#160; Sales to these customers
in 2004 were $1,967,000 or 21% of net sales, $1,178,000 or 12% of net sales and
$1,033,000 or 11% of net sales, respectively.&#160;
For the quarter ending June 30, 2005 the total amount owed by these
customers was $1,288,000, $211,000 and $473,000, respectively.&#160; The balance owed at June 30, 2004 was
$884,000, $205,000 and $779,000, respectively. During the first six months of
2005, there were three customers whose purchases represented more than 10% of
the Company&#146;s sales. Sales to each of these customers for the six months ended
June 30, 2005 were&#160; $4,202,000 or 25% of
net sales for the six months, $2,157,000 or 13% of net sales and $1,970,000 or
12% of net sales, respectively.&#160; Sales
to these customers in 2004 were $3,946,000 or 19%, $2,423,000 or 12% and
$2,175,000 or 11%, respectively.&#160;&#160; </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Note 7 &#150; Related Party Transactions </B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>John H.
Schwan, is Chairman of the Company.&#160; Mr.
Schwan is President of Packaging Systems, L.L.C. and affiliated companies.&#160; The Company made purchases of packaging
materials from Packaging Systems in the amount of $46,000 and $145,000 during
the three months ended June 30, 2005 and 2004, respectively.&#160; For the six month period of 2005 and 2004,
the amount purchased was $111,000 and $281,000 respectively.&#160; Mr. Schwan was paid $6,000 for services
provided to the Company for each of the first two quarters of 2005.&#160; John Schwan and Howard W. Schwan are
brothers.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Stephen M.
Merrick, Executive Vice President and Secretary of the Company, is a principal
of the law firm of Merrick &amp; Associates, P.C., which serves as general
counsel of the Company. In addition, Mr. Merrick is a principal stockholder of
the Company. Legal fees incurred from the firm of Merrick &amp; Associates,
P.C. for the quarter ending June 30, 2005 and June 30, 2004 were $32,000 and
$86,000, respectively.&#160; For the six
month period of 2005 and 2004, the amount paid was $67,000 and $127,000,
respectively.&#160; During the quarter, Mr.
Merrick was paid $12,000 for services provided to the Company, the same amount
as the first quarter. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Interest
payments have been made to John H. Schwan and Stephen M. Merrick for loans made
to the Company.&#160; These interest payments
for the three months ending June 30, 2005 totaled&#160; $38,000 and $13,000 respectively.&#160; In 2004, for the three months ending
June 30, 2004 the amounts
were $27,000 and $9,000 respectively.&#160; </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The total debt due Mssrs. Schwan and Merrick
classified as long term debt approximating 2,225,000 will not be due before July 1, 2006.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>In the quarter
ended June 30, 2005, Mssrs. Schwan and Merrick secured a short-term note on behalf of the Company to </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>21</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE><BR>


<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Cole Taylor
Bank in the amount of $600,000 pledging marketable securities and real estate
interests. This note did not result in any cash proceeds to the Company. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>The Company
entered into a 10-year lease agreement for office and warehouse facilities in
November 1999, requiring monthly payments of $17,404, to Pepper Road, Inc., a
company related through common ownership.&#160;
In 2003, the rent was reduced to $15,500 per month.&#160; Approximately 50% of the facility was
subleased through March 2002, and after that, the Company assumed the remaining
50% of the facility.&#160; In the three
months ended March 31, 2004, the Company paid $47,000 rent to Pepper Road,
Inc.&#160; In July of 2004, the Company
cancelled its lease with Pepper Road, Inc.</FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><B>Note 8 &#150; New Accounting Pronouncements</B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>In May 2005, the Financial
Accounting Standards Board issued Statement of Financial Accounting Standards
No. 154, &#147;Accounting Changes and Error Corrections-a replacement of APB No. 20
and FASB Statement No. 3&#148; (&#147;SFAS 154&#148;).&#160;
SFAS 154 replaces APB No. 20, &#147;Accounting Changes&#148; and FASB Statement
No. 3, &#147;Reporting Accounting Changes in Interim Financial Statements&#148; and
changes the requirements for the accounting for and reporting of a change in
accounting principles.&#160; SFAS 154 is
effective for accounting changes and corrections of errors made in fiscal years
beginning after December 15, 2005.&#160; The
Company does not anticipate that adoption of SFAS 154 will have a material
impact on its financial position, results of operations or its cash flows.</FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>22</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5>



</div>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>d65043_ex31-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>

<BODY>

<div style="width:600">


<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2><B>EXHIBIT 31.1<BR>
CERTIFICATIONS</B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>I,&nbsp;Howard
W. Schwan, President of CTI Industries Corporation, certify that: </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>1.&nbsp;I have
reviewed this Quarterly report on Form 10-Q of CTI Industries Corporation. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>2.&nbsp;Based
on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>3.&nbsp;Based
on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and
for, the periods presented in this report; </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>4.&nbsp;The
registrant&#146;s other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the registrant and we have: </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>a)&nbsp;Designed
such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>b)&nbsp;Paragraph
omitted in accordance with SEC transition instructions contained in SEC Release
34-47986; </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>c)&nbsp;Evaluated
the effectiveness of the registrant&#146;s disclosure controls and procedures
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>d)&nbsp;Disclosed
in this report any change in the registrant&#146;s internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that
occurred during the registrant&#146;s most recent fiscal quarter (the registrant&#146;s
fourth fiscal quarter in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant&#146;s
internal control over financial reporting. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>5.&nbsp;The
registrant&#146;s other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the
registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
directors (or persons performing the equivalent functions): </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>a)&nbsp;All
significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to
adversely affect the registrant&#146;s ability to record, process, summarize and
report financial information; and </FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2>23</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>
<BR>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>b)&nbsp;Any
fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant&#146;s internal control over financial
reporting. </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>Date: August
21, 2005 </FONT></P>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2><B>CTI INDUSTRIES CORPORATION</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>By:</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>/s/ Howard W. Schwan</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=LEFT>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Howard W. Schwan, President</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2>24</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>d65043_ex31-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>

<BODY>

<DIV STYLE="WIDTH:600">

<P ALIGN=CENTER><font face="Times new roman,Times,Serif"  SIZE=2><B>EXHIBIT 31.2<BR>CERTIFICATIONS </B></FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>I, Stephen M. Merrick,
Executive Vice-President and Chief Financial Officer of CTI Industries
Corporation certify that: </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>1. I have reviewed this
Quarterly report on Form 10-Q of CTI Industries Corporation. </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>2. Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with
respect to the period covered by this report; </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>3. Based on my knowledge,
the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the
periods presented in this report; </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>4. The registrant&#146;s other
certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) for the registrant and we have: </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this
report is being prepared; </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>b) Paragraph omitted in
accordance with SEC transition instructions contained in SEC Release 34-47986; </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>c) Evaluated the
effectiveness of the registrant&#146;s disclosure controls and procedures presented
in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report
based on such evaluation; and </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>d) Disclosed in this report
any change in the registrant&#146;s internal control over financial reporting (as
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) that occurred during the
registrant&#146;s most recent fiscal quarter (the registrant&#146;s fourth fiscal quarter
in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial
reporting. </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>5. The registrant&#146;s other
certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant&#146;s auditors and the
audit committee of the registrant&#146;s board of directors (or persons performing
the equivalent functions): </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>a) All significant
deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely
affect the registrant&#146;s ability to record, process, summarize and report
financial information; and </FONT></P>

<P ALIGN=CENTER><font face="Times new roman,Times,Serif"  SIZE=2>25</FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5><P STYLE='PAGE-BREAK-AFTER: ALWAYS'></P><PAGE>
<BR>

<P><font face="Times new roman,Times,Serif" SIZE=2>b) Any fraud, whether or not
material, that involves management or other employees who have a significant
role in the registrant&#146;s internal control over financial reporting. </FONT></P>

<P><font face="Times new roman,Times,Serif" SIZE=2>Date: August 21, 2005 </FONT></P>

<P ALIGN=CENTER><font face="Times new roman,Times,Serif"  SIZE=2><B>CTI INDUSTRIES CORPORATION</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="600">
 <TR>
  <TD WIDTH="35%" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" size=1>&nbsp;</font></p>
  </TD>
  <TD WIDTH="4%" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" size=1>&nbsp;</font></p>
  </TD>
  <TD WIDTH="34%" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" size=1>&nbsp;</font></p>
  </TD>
  <TD WIDTH="27%" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" size=1>&nbsp;</font></p>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=2><I>By: /s/ Stephen M. Merrick</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephen M. Merrick, </I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=2><I>Executive Vice-President and </I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=2><I>Chief Financial Officer</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><font face="Times new roman,Times,Serif" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><font face="Times new roman,Times,Serif"  SIZE=2>26</FONT></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>d65043_ex32-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>

<BODY>

<div style=width:600>
<P ALIGN=CENTER><FONT  SIZE=2><B>EXHIBIT
32.1<BR>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P><FONT SIZE=2>In connection with the
Quarterly Report of CTI Industries Corporation (the &#147;Company&#148;) on Form 10-Q for
the period ending June 30, 2005 as filed with the Securities and Exchange
Commission on the date hereof (the &#147;Report&#148;), I, Howard W. Schwan, Chief
Executive Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350, as
adopted pursuant to &#167;906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>

<P><FONT SIZE=2>(1) The Report fully
complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and </FONT></P>

<P><FONT SIZE=2>(2) The information
contained in the Report fairly presents, in all material respects, the
financial condition and result of operations of the Company. </FONT></P>

<P><FONT SIZE=2>&nbsp;</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH=30%>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH=35%>
  <P><fONT SIZE=2><I>/s/ Howard W. Schwan</I></FONT></P>
  </TD>
  <TD WIDTH=30%>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD><P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD>   <HR SIZE=1 WIDTH="100%" NOSHADE  ALIGN=CENTER>
  </TD>
  <TD>  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD>   <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD >  <P><FONT SIZE=2><I>Howard W. Schwan<BR>
  Chief Executive Officer</I></FONT></P>
  </TD>
  <TD>  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT  SIZE=2>27</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>d65043_ex32-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>

<HEAD><TITLE></TITLE></HEAD>

<BODY>


<DIV STYLE="WIDTH:600">
<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"  SIZE=2><B>Exhibit 32.2 <BR>
CERTIFICATION PURSUANT TO <BR>
18 U.S.C. SECTION 1350, <BR>
AS ADOPTED PURSUANT TO <BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>In connection
with the Quarterly Report of CTI Industries Corporation (the &#147;Company&#148;) on Form
10-Q for the period ending June 30, 2005 as filed with the Securities and
Exchange Commission on the date hereof (the &#147;Report&#148;), I, Stephen M. Merrick,
Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &#167;1350,
as adopted pursuant to &#167;906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(1) The Report
fully complies with the requirements of section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and </FONT></P>

<P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>(2) The
information contained in the Report fairly presents, in all material respects,
the financial condition and result of operations of the Company. </FONT></P>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR >
  <TD WIDTH="30%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="35%" VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>/s/ Stephen M. Merrick</I></FONT></P>
  </TD>
  <TD WIDTH="30%" VALIGN=BOTTOM>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <HR SIZE=1 WIDTH="100%" NOSHADE ALIGN=CENTER>

  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Stephen M. Merrick</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2><I>Chief Financial Officer</I></FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</TABLE>

<P ALIGN=CENTER><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE=2>28</FONT></P>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5>


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</DOCUMENT>
</SEC-DOCUMENT>
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